Gov. Nixon will veto income tax cut

05/01/2014 2:12 PM

05/01/2014 2:13 PM

Missouri Gov. Jay Nixon says he will veto an income tax cut that he considers to be “an unfair, unaffordable and dangerous scheme.”

The Democratic governor visited a school for the disabled in St. Louis on Thursday to announce that he would veto the bill later in the day. Nixon says the tax cut would drain funding for public education and state services.

Republican legislative leaders have said they will try to override the veto.

The legislation would gradually cut the state’s 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. The tax cuts would begin in 2017, but only if state revenues grow by at least $150 million.

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