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

2 years 8 months 14 hours 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
loading

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.” 

More News

Grid
List
COLUMBIA, MO - Columbia College is launching a virtual tutoring program on Thursday, October 1. The program will serve students... More >>
4 hours ago Tuesday, September 29 2020 Sep 29, 2020 Tuesday, September 29, 2020 10:35:00 PM CDT September 29, 2020 in News
COLUMBIA - Battle football is preparing to face Moberly on Friday after their game against Smith-Cotton was canceled due to... More >>
6 hours ago Tuesday, September 29 2020 Sep 29, 2020 Tuesday, September 29, 2020 7:40:00 PM CDT September 29, 2020 in News
COLUMBIA - The Columbia Police Department has released a video of an armed robbery which took place at Passions Adult... More >>
7 hours ago Tuesday, September 29 2020 Sep 29, 2020 Tuesday, September 29, 2020 7:27:00 PM CDT September 29, 2020 in News
COLUMBIA - The Show-Me Bowl games are moving to different locations this fall. In a press release sent on... More >>
7 hours ago Tuesday, September 29 2020 Sep 29, 2020 Tuesday, September 29, 2020 6:50:00 PM CDT September 29, 2020 in Sports
CAMDEN COUNTY- The Camden County's Sheriff's Office is on the hunt for counterfeit bills and wants area residents and business... More >>
8 hours ago Tuesday, September 29 2020 Sep 29, 2020 Tuesday, September 29, 2020 6:17:00 PM CDT September 29, 2020 in News
COLUMBIA- The Missouri Football team heads to Knoxville, Tennessee on Friday for its first road game of the season. ... More >>
8 hours ago Tuesday, September 29 2020 Sep 29, 2020 Tuesday, September 29, 2020 5:58:00 PM CDT September 29, 2020 in Sports
COLUMBIA - A new law allows nursing home residents to install cameras in their rooms. House Bill 1387 lets... More >>
8 hours ago Tuesday, September 29 2020 Sep 29, 2020 Tuesday, September 29, 2020 5:42:00 PM CDT September 29, 2020 in News
(CNN) -- Disney is laying off 28,000 people in the United States as the coronavirus pandemic hammers its parks and... More >>
9 hours ago Tuesday, September 29 2020 Sep 29, 2020 Tuesday, September 29, 2020 5:26:00 PM CDT September 29, 2020 in News
MISSOURI - Despite less people on the roads during COVID-19 pandemic, the number of serious and fatal car crashes remained... More >>
10 hours ago Tuesday, September 29 2020 Sep 29, 2020 Tuesday, September 29, 2020 4:29:00 PM CDT September 29, 2020 in News
COLUMBIA - The Boone Hospital Center Board of Trustees and BJC HealthCare have agreed on a date for Boone Hospital... More >>
10 hours ago Tuesday, September 29 2020 Sep 29, 2020 Tuesday, September 29, 2020 4:29:00 PM CDT September 29, 2020 in News
COLUMBIA - The University of Missouri was recently given nearly $1.2 million to help MU researchers create an artificially intelligent... More >>
10 hours ago Tuesday, September 29 2020 Sep 29, 2020 Tuesday, September 29, 2020 4:13:00 PM CDT September 29, 2020 in News
O'FALLON, Mo. (AP) — The number of people hospitalized for the coronavirus has nearly tripled in areas outside of Missouri’s... More >>
10 hours ago Tuesday, September 29 2020 Sep 29, 2020 Tuesday, September 29, 2020 3:46:00 PM CDT September 29, 2020 in News
MISSOURI - Watch parties for the Presidential debate will be held virtually this year in light of the ongoing pandemic... More >>
11 hours ago Tuesday, September 29 2020 Sep 29, 2020 Tuesday, September 29, 2020 2:58:00 PM CDT September 29, 2020 in News
TIPTON- The Tipton School District released a letter Monday stating a student and a teacher within the district were diagnosed... More >>
11 hours ago Tuesday, September 29 2020 Sep 29, 2020 Tuesday, September 29, 2020 2:53:00 PM CDT September 29, 2020 in News
ST. LOUIS (AP) — An audit has found that St. Louis police spent nearly $14 million on overtime while struggling... More >>
12 hours ago Tuesday, September 29 2020 Sep 29, 2020 Tuesday, September 29, 2020 2:35:39 PM CDT September 29, 2020 in News
(CNN) -- Justice Ruth Bader Ginsburg was laid to rest Tuesday morning in a private ceremony at Arlington National Cemetery.... More >>
13 hours ago Tuesday, September 29 2020 Sep 29, 2020 Tuesday, September 29, 2020 1:16:00 PM CDT September 29, 2020 in News
COLUMBIA- KOMU 8's Jordan Berger sat down virtually with Jane Lynch, new host of the reboot of the Weakest Link.... More >>
13 hours ago Tuesday, September 29 2020 Sep 29, 2020 Tuesday, September 29, 2020 12:44:00 PM CDT September 29, 2020 in News
KANSAS CITY (AP) -- Kansas City patrol officers will begin wearing body cameras early next year. The police department says... More >>
14 hours ago Tuesday, September 29 2020 Sep 29, 2020 Tuesday, September 29, 2020 12:06:00 PM CDT September 29, 2020 in News
Columbia, MO
Broken Clouds 54°
3am 55°
4am 55°
5am 54°
6am 53°