Missouri Republicans, who once appeared intent on keeping pace with neighboring Kansas’ tax cuts, now view the Sunflower State’s story as a cautionary tale.
Kansas is dealing with a projected $279 million revenue gap this year as a result Gov. Sam Brownback’s two-part tax bill, signed in 2012 and 2013, that exempted nearly 200,000 businesses from income taxes and cut the top income tax rate from 6.45 percent to 4.9 percent.
By contrast, Missouri Republicans this year passed legislation to introduce a 25 percent tax deduction for small businesses and lower the state’s income tax from from 6 percent to 5.5 percent, starting in 2017.
In an interview with Politico, Missouri Sen. Will Kraus, R-Lee’s Summit, said Kansas did “too much, too fast,” adding Missouri will continue to look into its tax policy but will not follow its neighbor’s footsteps.