JEFFERSON CITY, Mo. — On Friday, Governor Mike Parson proposed his third tax cut since becoming Governor, and the largest tax cut in Missouri’s history.
The proposed tax cut would reduce the individual income tax rate, increase the standard deduction allowance, and simplify the tax code by eliminating income tax brackets.
Under the proposal, the first $16,000 of income for single filers, or $36,000 for joint filers would not be taxed at all.
The Governor is calling for a special session to pass the permanent tax cut. The proposed tax relief comes during a national 40-year high inflation rate, and skyrocketing Independence Day weekend prices.
The Governor’s proposal also vetoes House Bill 2090 which would have included a one time, tax rebate for Missourians making less than $150,000 per year for individual filers, and $300,000 per year for joint filers.
“With President Biden’s and the Democrat controlled Congress’ policies causing the price of everyday living to increase significantly, Gov. Parson acted by proposing another tax cut for all Missourians,”
Missouri Republican Party Chairman, Nick Myers, said. “The United States declared their independence due to oppressive taxes. In the spirit of 1776, Gov. Parson is acting to reduce Missouri’s taxes. His actions Friday are another step in giving households control over their own incomes.