State treasurer supports federal tax bill despite possible impact on Missouri budget

Although there is a risk that Missouri’s revenue could experience as much as a $1 billion reduction with the passing of a federal tax reform proposal, state Treasurer Eric Schmitt said Wednesday he supports the plan because it prioritizes middle class families and small businesses.

Schmitt announced he will meet with members of the President’s Cabinet and National Economic Council Thursday in Washington D.C. to discuss the much-debated tax overhaul he believes should be a top priority for Congress to pass before the end of the year.

Schmitt cited an analysis by the Tax Foundation when he said the tax reform proposal would increase income of middle class Missouri families by over $2,400 and create more than 18,000 new jobs in Missouri over the next 10 years.

Read more: Columbia Missourian

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