Tags: Missouri Taxes

Missouri Democratic Governor Vetoes Income Tax Cut

Thursday, 01 May 2014 05:01 PM

Missouri Gov. Jay Nixon has vetoed legislation cutting income taxes for millions of residents and thousands of business owners.

The Democratic governor vetoed the measure Thursday while raising concerns that it could jeopardize funding for schools and other services.

Republican legislative leaders have vowed to try to override the veto. That would require a two-thirds vote of both chambers, meaning Republicans would need to vote as a block and pick up support from at least one House Democrat.

Nixon also vetoed an income tax cut last year, which the Legislature was unable to override.

This year's measure would gradually reduce the 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.

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Missouri Gov. Jay Nixon has vetoed legislation cutting income taxes for millions of residents and thousands of business owners.
Missouri Taxes
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2014-01-01
 

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