Missouri GOP Moves Ahead With $1 Billion Tax Cut

A Missouri Senate committee passed a roughly $1 billion-plus tax cut on a party-line vote. The bill would lower the top income tax rate to 4.5 percent from 6 percent, cut the corporate tax rate to 4.75 percent from 6.25 percent and create a 50 percent tax deduction for all businesses phased in over five years. The committee declined to offset the cost of the cuts by increasing the sales tax from 4 percent to 6 percent.

Read more from the Kansas City Star


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