Mixed reaction in Missouri to GOP passing tax overhaul

5 months 23 hours 46 minutes ago Wednesday, December 20 2017 Dec 20, 2017 Wednesday, December 20, 2017 7:19:00 PM CST December 20, 2017 in News
By: Hailey Jennings, KOMU 8 Reporter
loading

COLUMBIA- Following Congress passing a massive overhaul of the country's tax code, people might be wondering how it affects them.

Some of the major points of the bill include:

  • lowering individual rates
  • doubling the standard deduction ($6,000 for singles, $12,000 for couples)
  • expanding child tax credits
  • lowering corporate taxes dramatically
  • repealing the Affordable Care Act's individual mandate, which penalized people who don't buy insurance

Missouri state treasurer Eric Schmitt said this plan is a plus for middle-class families.

"For the first time in a long time middle class families are going to get tax relief and more take home pay," Schmitt said.

He said for the first time, small businesses are getting tax relief, too.

"I think you couple that with the thing we did in Missouri I was proud to champion, the first tax cut in nearly 100 years, just a few years ago so those two things working together, people across mid-Missouri are going to have more take home pay and more opportunities."

Schmitt's office shared two statistics about how the plan will directly affect Missourians.

For people with the median Missouri household income (about $50,000), couples who are married with one child can save about $1,500.

For mid-Missourians, average state employees who are married with two children can save more than $2,500.

The bill also includes the 529 savings program, also called the MOST program.

"Now in addition of using that money for college  you can use that for K-12 education," Schmitt said. "You put money in the account...you get to deduct that from your state income tax and any money that grows in that account overtime is in tax."

Not everyone is happy with the new plan.

Empower Missouri's Executive Director Jeanette Mott Oxford said the plan will only benefit the wealthy in the long run.

"It increases our deficit. And the people who are receiving the most benefits are the most wealthy, who don't need help. The people at the bottom are not helped by the plan, they only get a little bit."

Oxford said the increased deficit of 1.5 trillion dollars could potentially put the United States in more debt.

She also pointed out the tax cuts for individuals expires in a decade.

"[Individuals] lose that by 2027 and on average pay more in 2027."

Oxford said she can't see the promises Republicans made about the plan without proof.

"[Republicans] promised economic growth but there are no non-partisan economists that say its true and there is no evidence that it will be true."

Oxford added the bill is "weakening affordable health care," and that health care is "expensive already."

President Trump is expected to sign the bill in the coming days.

More News

Grid
List
JEFFERSON CITY (AP) - Missouri Gov. Eric Greitens was pulled over Friday while speeding. Spokesman Parker Briden in a... More >>
6 hours ago Tuesday, May 22 2018 May 22, 2018 Tuesday, May 22, 2018 6:21:00 PM CDT May 22, 2018 in News
KAISER - One family says it is facing an immigration nightmare. Jia McDevitt's parents were detained at the Jacksonville, Florida, port... More >>
7 hours ago Tuesday, May 22 2018 May 22, 2018 Tuesday, May 22, 2018 5:20:00 PM CDT May 22, 2018 in News
COLUMBIA - MUPD hosted a Citizen's Response to Active Threats training Tuesday. MU senior Olivia Botonis said learning about... More >>
7 hours ago Tuesday, May 22 2018 May 22, 2018 Tuesday, May 22, 2018 5:05:00 PM CDT May 22, 2018 in News
JEFFERSON CITY (AP) - Like actors rehearsing a script, Missouri lawmakers on Tuesday publicly read aloud the previously secret criminal... More >>
7 hours ago Tuesday, May 22 2018 May 22, 2018 Tuesday, May 22, 2018 4:35:00 PM CDT May 22, 2018 in News
COLUMBIA- Missouri Lt. Gov. Mike Parson toured Columbia Tuesday afternoon to visit new business locations and talk about everything from... More >>
8 hours ago Tuesday, May 22 2018 May 22, 2018 Tuesday, May 22, 2018 3:42:00 PM CDT May 22, 2018 in News
JEFFERSON CITY (AP) - A Missouri environmental group is suing to overturn a law that lengthens the process the Department... More >>
9 hours ago Tuesday, May 22 2018 May 22, 2018 Tuesday, May 22, 2018 2:56:00 PM CDT May 22, 2018 in News
COLUMBIA - A jury trial in a wrongful death lawsuit in Carl DeBrodie's death is scheduled to begin March 2,... More >>
11 hours ago Tuesday, May 22 2018 May 22, 2018 Tuesday, May 22, 2018 1:20:00 PM CDT May 22, 2018 in News
COLUMBIA - The Columbia City Council failed to pass the controversial Henderson Branch sewer project in a 3-3 vote Monday... More >>
13 hours ago Tuesday, May 22 2018 May 22, 2018 Tuesday, May 22, 2018 10:49:00 AM CDT May 22, 2018 in News
JEFFERSON CITY (AP) — The Latest on allegations against Gov. Eric Greitens (all times local): 5:35 p.m. ... More >>
14 hours ago Tuesday, May 22 2018 May 22, 2018 Tuesday, May 22, 2018 10:12:00 AM CDT May 22, 2018 in News
SPRINGFIELD (AP) — Springfield police say an 8-year-old girl who hadn't been seen since early Tuesday has been found... More >>
15 hours ago Tuesday, May 22 2018 May 22, 2018 Tuesday, May 22, 2018 8:36:00 AM CDT May 22, 2018 in News
COLUMBIA - In the wake of the deadly Santa Fe High School shooting , the MU Police Department will be... More >>
16 hours ago Tuesday, May 22 2018 May 22, 2018 Tuesday, May 22, 2018 7:43:00 AM CDT May 22, 2018 in News
BRUSSELS (AP) — Facebook CEO Mark Zuckerberg faces senior European Union lawmakers later Tuesday to answer questions about a... More >>
19 hours ago Tuesday, May 22 2018 May 22, 2018 Tuesday, May 22, 2018 5:22:00 AM CDT May 22, 2018 in News
COLUMBIA - The Columbia Police Department said it found a missing teen around 1 a.m. Tuesday. Authorities said Brice... More >>
19 hours ago Tuesday, May 22 2018 May 22, 2018 Tuesday, May 22, 2018 4:41:00 AM CDT May 22, 2018 in News
COLUMBIA - Columbia residents will have a chance to learn about - and talk about - climate change Tuesday night.... More >>
21 hours ago Tuesday, May 22 2018 May 22, 2018 Tuesday, May 22, 2018 3:00:00 AM CDT May 22, 2018 in News
COLUMBIA - An on-going rift between two east campus communities has come to a breaking point. Non-resident property owners want... More >>
1 day ago Monday, May 21 2018 May 21, 2018 Monday, May 21, 2018 7:29:00 PM CDT May 21, 2018 in Top Stories
KANSAS CITY (AP) — A Kansas City man who told authorities he was hearing "voices" when he wounded two... More >>
1 day ago Monday, May 21 2018 May 21, 2018 Monday, May 21, 2018 7:07:41 PM CDT May 21, 2018 in News
COLUMBIA - More than 670 motorcycles poured into the Phillips 66 gas station off I-70 as the "Run for the... More >>
1 day ago Monday, May 21 2018 May 21, 2018 Monday, May 21, 2018 6:05:00 PM CDT May 21, 2018 in News
JEFFERSON CITY - A new fire station is in store for east Jefferson City, and the city council will review... More >>
1 day ago Monday, May 21 2018 May 21, 2018 Monday, May 21, 2018 5:10:00 PM CDT May 21, 2018 in News
Columbia, MO
Broken Clouds 70°
1am 70°
2am 69°
3am 68°
4am 67°