Gov. Jay Nixon made good on his threat to veto tax cut legislation to prevent Missouri public schools from losing hundreds of millions of dollars. He rejects Republican arguments that the triggers in their bill would prevent such losses. Nixon, a Democrat, also says language in two places in the legislation would result in the eliminating of income taxes on Missourians with annual income of $9,000 or more, thereby wiping out 67 percent of the state’s general revenue.
Republicans will seek to overturn Nixon’s veto early next week after they return to Jefferson City. The legislation would gradually cut the state’s top individual income tax rate from 6 percent to 5.5 percent and phase in a new 25 percent deduction for business income reported on personal tax returns. The tax cuts would begin in 2017, but only if state revenues grow by at least $150 million.