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The Missouri House of Representatives has sent Gov. Jay Nixon another tax-cut bill, according to the Joplin Globe. This one is worth $620 million, and if enacted, would phase in a cut on income taxes for individuals in the top bracket by 0.5 percent and a deduction of 25 percent for business income on personal tax returns over the next three years.
Nixon, indicating that he would likely veto the bill on April 22, pointed out a part of the bill that he claimed would eliminate taxes on business income above $9,000, the Globe reported.
“Once this legislation is fully phased in, the top bracket ‘shall be eliminated,'” Nixon said, referring to the provision in the bill. “With the simple stroke of my pen, this bill would separate Missouri from every state in our nation as the only state to not be able to meet the basic demands.”
State republicans argue that the cut will help owners to expand their businesses, pointing to analysis that former Missouri Chief Justice William Ray Price provided to lawmakers, according to the news source. Price sided with republicans against the governor.
“I believe the governor is living in a fantasy world,” said Rep. Charlie Davis, R-Webb City. “I believe the accusations he is making are totally false. This provides some well-deserved tax relief for all Missourians and all Missouri businesses.”
Michael Leachman, director of state fiscal research at the not-for-profit Center on Budget and Policy Priorities, said that the business income deduction would create a windfall for some very wealthy people, but provided no assurances that those people would use the money to expand their businesses, the Associated Press reported. Brad Jones, state director of the National Federation of Independent Business, on the other hand, feels that the bill would make a big difference to small business owners.
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