Mo. Gov. Nixon Denounces Senate Tax Cut Plan

3 years 2 months 3 days ago January 23, 2014 Jan 23, 2014 Thursday, January 23 2014 Thursday, January 23, 2014 2:05:00 PM CST in News
By: The Associated Press

JEFFERSON CITY (AP) - Gov. Jay Nixon is criticizing an income tax cut plan endorsed by a Missouri Senate committee.

Nixon's office issued a news release Thursday calling the legislation a "fiscally irresponsible tax experiment."

The bill endorsed by the Senate Ways and Means Committee would gradually cut the top individual income tax rate from 6 percent to 5 percent. It also would gradually phase in a 50 percent tax deduction on business income reported on individual tax returns.

Republican Sen. Will Kraus says his bill is a sensible and responsible way to cut taxes, because the incremental cuts only take effect if state revenues continue to rise by at least $100 million.

The Democratic governor says the legislation could jeopardize funding for schools.

 

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