Speaker pro tem: Tax cut legislation is pro jobs

(In his report today, House Speaker Pro Tem Denny Hoskins, R-Warrensburg, explains why he supported SB 509, the tax bill which has now passed in both chambers.)

Throughout this session, I have advocated for tax reform.

 SB 509, sponsored by Senator Kraus, provides tax reform to help individuals and businesses in the state. Included in this bill are provisions that: reduce individual income taxes by one half percent over a five year period, allow small businesses to deduct a maximum of 25 percent of business income in a five year period, and increases the personal income tax exemption by $500 for individuals with an adjusted gross income of less than $20,000. 

Lowering the tax burden for individuals in Missouri will make us more competitive with neighboring states and business tax relief will promote job growth in our stagnant. This is a pro-jobs bill that incentivizes growth and puts money back into the tax payers’ hands, because you know better how to spend your money.