Greitens says proposed plan will cut income tax rate by 10 percent

1 year 8 months 2 weeks ago Monday, January 29 2018 Jan 29, 2018 Monday, January 29, 2018 12:04:00 PM CST January 29, 2018 in News
By: Stephanie Sandoval, KOMU 8 Reporter and The Associated Press
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MACON - Gov. Eric Greitens announced details of his plan to cut taxes for working families Monday morning, emphasizing his tax plan “puts working families first.” 

Greitens says his proposed tax plan would cut the state's top individual income tax rate by 10 percent and reduce the corporate income tax rate by nearly one-third.

Greitens said the plan would cut taxes for anyone earning more than $9,072 annually, which would affect nearly every Missouri taxpayer. 

“This tax plan puts working families first,” Greitens said. “It puts working families first and it’s going to reward businesses that build and hire people here in the state of Missouri. We’ve targeted our tax cuts for working families.”

His plan would reduce the top individual income tax rate from 5.9 percent to 5.3 percent and create a refundable state tax credit for low-income workers that he says would essentially eliminate income taxes for 380,000 people.

He wants to cut the corporate tax rate from 6.25 percent to 4.25 percent.

Greitens said the plan would remain revenue-neutral, which means it will not have an effect on the budget, by eliminating incentives for businesses to pay sales taxes quickly and by paring back state income tax deductions based on federal tax payments.

At the event, Rep. Tim Remole, R-Excello, and Greitens said unemployment in Missouri is at an all-time low in over 17 years. 

Economy Products Company, a manufacturing company, that produces parts for big companies, hosted the governor in Macon. Tim Watts, president of Economy Products Company, said the company “has been a foundation of this community for over 70 years.” 

Brent Johnston, the company’s CNC lead man, said he has six kids and the plan would be “great tax break for” him and his family. 

“It sounded like he’s wanting to bring back the simple small government again and we need that,” Johnston said. 

Alan Wyatt, Macon County’s presiding commissioner, said he thinks the tax plan is a good thing and will help the Macon community. 

“I think this will help maybe our local businesses expand if they want to hire some more people,” Wyatt said. “I also think that it will give us an opportunity to bring a new business to Macon seeing that Missouri is becoming more business oriented. I think that’d help us in our economic development to bring jobs to Macon County.” 

The Missouri Budget Project, which has disapproved of some of Greitens' proposals, issued a statement on the proposal. 

“We look forward to working with the legislature and the Governor to craft a tax reform bill that addresses these problems and truly benefits hard-working Missourians while also providing a more balanced approach to taxes,” Amy Blouin, Executive Director of the Missouri Budget Project, said. “There are a handful of positive steps we can take within this tax proposal, like the Working Family Tax Credit, but also some provisions we believe are unnecessary and counterproductive.”

House Minority Leader Gail McCann Beatty, D-Kansas City, said Greitens’ plan “should be viewed with a great deal of skepticism.”  

“As Missourians have come to learn, when Eric Greitens speaks he rarely tells the whole story,” Beatty said in a statement. “The governor promises to cut taxes for nearly all Missourians but fails to mention that for most people those modest breaks will be wiped out by tax increases elsewhere in his plan. And his claim that somehow his plan will be revenue neutral should be viewed with a great deal of skepticism. Remember, not long ago a supposedly minor tweak to corporate taxes that was supposed to cost $15 million instead blew a $200 million hole in state revenue collections.” 

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