Nixon Likely to Veto Mo. Income Tax Cut Plan

3 years 2 weeks 21 hours ago May 10, 2013 May 10, 2013 Friday, May 10 2013 Friday, May 10, 2013 1:17:09 PM CDT in News
Source: Associated Press
By: Associated Press

JEFFERSON CITY - Gov. Jay Nixon has indicated that he's likely to veto legislation that would cut Missouri income taxes for businesses and individuals.

Nixon said Friday that he has "serious concerns" about the income cut passed a day earlier by the Legislature. He called it fiscally irresponsible and said it could jeopardize funding for higher education, prisons and other government services.

The tax cut was a priority of the Republican-led Legislature and is meant to counteract recent income tax reductions in Kansas.

The Democratic governor estimated that it could eventually drain more than $800 million annually from state revenues.

The measure would essentially cut the income tax in half for businesses and reduce the top tax rate for individuals from 6 percent to 5.5 percent over the next decade.

 

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