(JEFFERSON CITY, Mo., AP) — Gov. Jay Nixon is criticizing an income tax cut plan endorsed by a Missouri Senate committee.
Nixon’s office issued a news release Thursday calling the legislation a “fiscally irresponsible tax experiment.”
The bill endorsed by the Senate Ways and Means Committee would gradually cut the top individual income tax rate from 6 percent to 5 percent. It also would gradually phase in a 50 percent tax deduction on business income reported on individual tax returns.
Republican Sen. Will Kraus says his bill is a sensible and responsible way to cut taxes, because the incremental cuts only take effect if state revenues continue to rise by at least $100 million.
The Democratic governor says the legislation could jeopardize funding for schools.
The bill endorsed by the Senate Ways and Means Committee would gradually cut the top individual income tax rate from 6 percent to 5 percent. It also would gradually phase in a 50 percent tax deduction on business income reported on individual tax returns.
Republican Sen. Will Kraus says his bill is a sensible and responsible way to cut taxes, because the incremental cuts only take effect if state revenues continue to rise by at least $100 million.
The Democratic governor says the legislation could jeopardize funding for schools.
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