Mixed reaction in Missouri to GOP passing tax overhaul

11 months 19 hours 28 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
BRUNSWICK – Pecan trees are the root of Brunswick’s tourism industry, and this town is “nuts” about pecans. The... More >>
2 hours ago Wednesday, November 21 2018 Nov 21, 2018 Wednesday, November 21, 2018 8:07:00 AM CST November 21, 2018 in News
COLUMBIA - It's one of the busiest travel holidays of the year. According to AAA, this year is... More >>
4 hours ago Wednesday, November 21 2018 Nov 21, 2018 Wednesday, November 21, 2018 5:50:00 AM CST November 21, 2018 in News
COLUMBIA - City Manager Mike Matthes' handling of the community policing efforts could be cited as a big reason for... More >>
10 hours ago Wednesday, November 21 2018 Nov 21, 2018 Wednesday, November 21, 2018 12:06:00 AM CST November 21, 2018 in News
COLUMBIA - The 17th annual Partnership Against Hunger collected nearly 12,000 pounds of food and more than $42,000 in monetary... More >>
10 hours ago Tuesday, November 20 2018 Nov 20, 2018 Tuesday, November 20, 2018 11:30:00 PM CST November 20, 2018 in News
MILLER COUNTY - The Miller County Sheriff’s Office conducted a large investigation on November 11 and 12 by the United... More >>
14 hours ago Tuesday, November 20 2018 Nov 20, 2018 Tuesday, November 20, 2018 7:31:00 PM CST November 20, 2018 in News
COLUMBIA - City Manager Mike Matthes announced his resignation Tuesday morning and it has caused a lot of reactions from... More >>
15 hours ago Tuesday, November 20 2018 Nov 20, 2018 Tuesday, November 20, 2018 6:37:00 PM CST November 20, 2018 in News
WASHINGTON DC - Health officials from the Centers for Disease Control and Prevention issued an alert for consumers to avoid... More >>
15 hours ago Tuesday, November 20 2018 Nov 20, 2018 Tuesday, November 20, 2018 6:19:00 PM CST November 20, 2018 in News
JEFFERSON CITY (AP) — Missouri Gov. Mike Parson is renewing a lobbying ban for members of his office. Parson... More >>
16 hours ago Tuesday, November 20 2018 Nov 20, 2018 Tuesday, November 20, 2018 5:46:59 PM CST November 20, 2018 in News
JEFFERSON CITY - Margie Vandeven will be reinstated as the education commissioner of the Department of Elementary and Secondary Education... More >>
17 hours ago Tuesday, November 20 2018 Nov 20, 2018 Tuesday, November 20, 2018 4:49:00 PM CST November 20, 2018 in News
JEFFERSON CITY - On Tuesday afternoon Jefferson City Public Schools announced new administrative staffing appointments for Capital City High School... More >>
18 hours ago Tuesday, November 20 2018 Nov 20, 2018 Tuesday, November 20, 2018 4:02:00 PM CST November 20, 2018 in News
MARSHALL – One Salvadoran family in mid-Missouri could be split up with the end of what is called TPS or... More >>
18 hours ago Tuesday, November 20 2018 Nov 20, 2018 Tuesday, November 20, 2018 3:56:00 PM CST November 20, 2018 in News
CAMDENTON - The Camden County Sheriff's Office identified the victim in Monday's early morning homicide as Derek Ray Harrelson, 34,... More >>
18 hours ago Tuesday, November 20 2018 Nov 20, 2018 Tuesday, November 20, 2018 3:38:00 PM CST November 20, 2018 in News
COLUMBIA - The Columbia City Council approved a $12 million improvement project on Nifong Boulevard at Monday's meeting. The... More >>
18 hours ago Tuesday, November 20 2018 Nov 20, 2018 Tuesday, November 20, 2018 3:09:00 PM CST November 20, 2018 in News
ST. LOUIS (AP) — The sheriff of a rural southeast Missouri county pleaded guilty Tuesday to federal charges for using... More >>
19 hours ago Tuesday, November 20 2018 Nov 20, 2018 Tuesday, November 20, 2018 2:27:00 PM CST November 20, 2018 in News
COLUMBIA - Mike Matthes will resign as city manager, effective Wednesday, the City of Columbia announced in a press release.... More >>
20 hours ago Tuesday, November 20 2018 Nov 20, 2018 Tuesday, November 20, 2018 1:32:00 PM CST November 20, 2018 in News
JEFFERSON CITY - The State Board of Education announced Tuesday that Margie Vandeven will return to her role as commissioner... More >>
21 hours ago Tuesday, November 20 2018 Nov 20, 2018 Tuesday, November 20, 2018 12:44:00 PM CST November 20, 2018 in News
COLUMBIA - A judge sentenced a man to seven years in prison for his role in a robbery in April.... More >>
21 hours ago Tuesday, November 20 2018 Nov 20, 2018 Tuesday, November 20, 2018 12:19:32 PM CST November 20, 2018 in News
JEFFERSON CITY - Police are looking for a man in connection with a shooting early Tuesday morning that left a... More >>
22 hours ago Tuesday, November 20 2018 Nov 20, 2018 Tuesday, November 20, 2018 11:12:00 AM CST November 20, 2018 in News
Columbia, MO
Broken Clouds 40°
10am 43°
11am 47°
12pm 50°
1pm 53°