Thursday, July 06, 2017

State treasurer: Missourians' income taxes will be cut in 2018

(From State Treasurer Eric Schmitt)

Missouri State Treasurer Eric Schmitt today confirmed that Missouri taxes will be cut in 2018 as a result of legislation he championed as a state senator in 2014.

Triggered by state revenue growth, Missouri’s highest income tax rate will fall from 6 percent to 5.9 percent for 2018 tax filings. The new policy will also allow small business owners to deduct 5 percent of their business income from their individual filing.

“I’m proud to have led the fight for two of the largest tax cuts in state history,” Schmitt said. “This will mean more job opportunities and more take-home pay for Missourians, which will in turn help to grow our economy. While states with poor fiscal management like Illinois and Connecticut look to raise their taxes to keep government bloated, Missouri is financially empowering its citizens by letting them keep more of their hard-earned money."

The change will mark the first income tax rate reduction for Missouri taxpayers in nearly 100 years.


Anonymous said...

Wow. .1% What will I do will all that cash? Meanwhile, a business owner gets 5% back. Normally I would agree with that, except in Missouri they still get the benefit of paying a %7.70 minimum wage. But hey, you fooled the base, that's all that matters.

Anonymous said...

Wow, we get one penny back for every dollar. The boss gets 5 pennies and still gets to pay a wage that requires most to get public assistance.