Missouri House panel to consider tax overhaul
04/01/2013 7:18 AM
05/20/2014 10:41 AM
A Missouri House committee plans to hear testimony this week on a contentious tax overhaul that has already cleared the state Senate.
The Republican-backed measure would gradually reduce the state’s income tax rate by three-quarters of a percentage point over five years while gradually raising the state sales tax by half a percentage point over the same period.
The bill scheduled to be considered Tuesday, SB26, also includes a section intended to benefit the poor by nearly doubling the personal tax deduction for people with adjusted gross incomes below $20,000.
Democratic Gov. Jay Nixon has denounced the proposal, saying it would shift the tax burden from corporations and affluent Missourians to those who can least afford it.
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