Mixed reaction in Missouri to GOP passing tax overhaul

2 years 6 months 2 weeks 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
COLUMBIA - The University of Missouri addressed international students via email in regards to the guidelines enforced by the Department... More >>
4 hours ago Wednesday, July 08 2020 Jul 8, 2020 Wednesday, July 08, 2020 5:01:00 PM CDT July 08, 2020 in News
MISSOURI — As COVID-19 continues to spread throughout Missouri, state and local officials confirm new case counts daily. ... More >>
4 hours ago Wednesday, July 08 2020 Jul 8, 2020 Wednesday, July 08, 2020 5:00:00 PM CDT July 08, 2020 in News
COLUMBIA- University of Missouri Police Department officers arrested Columbia man Ian M. Laird, 20, for sidewalk vandalism near the Thomas... More >>
5 hours ago Wednesday, July 08 2020 Jul 8, 2020 Wednesday, July 08, 2020 4:24:00 PM CDT July 08, 2020 in News
COLUMBIA — Citing "severe staffing shortages," the City of Columbia suspended all curbside recycling pickup effective Wednesday. In a... More >>
5 hours ago Wednesday, July 08 2020 Jul 8, 2020 Wednesday, July 08, 2020 4:19:00 PM CDT July 08, 2020 in News
COLUMBIA —Businesses across mid-Missouri received millions in loans from the federal Paycheck Protection Program, a coronavirus relief program aimed at... More >>
5 hours ago Wednesday, July 08 2020 Jul 8, 2020 Wednesday, July 08, 2020 4:06:00 PM CDT July 08, 2020 in News
COLUMBIA — South Callaway School District superintendent Kevin Hillman announced on Wednesday plans for the upcoming semester. As of... More >>
5 hours ago Wednesday, July 08 2020 Jul 8, 2020 Wednesday, July 08, 2020 3:44:00 PM CDT July 08, 2020 in News
COLUMBIA - The 2020 Show-Me State Games have been canceled due to the COVID-19 pandemic. The games have been... More >>
6 hours ago Wednesday, July 08 2020 Jul 8, 2020 Wednesday, July 08, 2020 3:15:00 PM CDT July 08, 2020 in News
COLUMBIA - Today is the last day to register for voting in the August 4 primary election in Boone County.... More >>
7 hours ago Wednesday, July 08 2020 Jul 8, 2020 Wednesday, July 08, 2020 2:20:00 PM CDT July 08, 2020 in News
(CNN) -- Hey sleepyheads -- have you been turning off or covering up all your smartphone and computer lights in... More >>
8 hours ago Wednesday, July 08 2020 Jul 8, 2020 Wednesday, July 08, 2020 12:31:24 PM CDT July 08, 2020 in A Brighter Tomorrow
COLUMBIA (Missourian) - The University of Missouri System will introduce a plan Wednesday to bring high-speed, affordable broadband internet... More >>
11 hours ago Wednesday, July 08 2020 Jul 8, 2020 Wednesday, July 08, 2020 9:45:22 AM CDT July 08, 2020 in News
COLUMBIA (Missourian) - The Boone County Commission has no plans to follow Columbia’s lead and impose a countywide mask... More >>
11 hours ago Wednesday, July 08 2020 Jul 8, 2020 Wednesday, July 08, 2020 9:41:19 AM CDT July 08, 2020 in News
COLUMBIA (Missourian) - Registered voters in Missouri will be able to vote absentee, by mail or in person with... More >>
11 hours ago Wednesday, July 08 2020 Jul 8, 2020 Wednesday, July 08, 2020 9:36:24 AM CDT July 08, 2020 in News
As COVID-19 continues to spread, KOMU 8 will continue to update you about impacts in the community. You... More >>
12 hours ago Wednesday, July 08 2020 Jul 8, 2020 Wednesday, July 08, 2020 9:16:00 AM CDT July 08, 2020 in News
HOWARD COUNTY - On Wednesday, the missing girl was found safe. An endangered person advisory was issued in Howard... More >>
16 hours ago Wednesday, July 08 2020 Jul 8, 2020 Wednesday, July 08, 2020 5:06:00 AM CDT July 08, 2020 in News
COOPER COUNTY - A man from Gravois Mills was killed Tuesday afternoon in a crash on Route B, north of... More >>
22 hours ago Tuesday, July 07 2020 Jul 7, 2020 Tuesday, July 07, 2020 10:37:00 PM CDT July 07, 2020 in News
COLUMBIA - At the entrance to the playground at Cosmo Park in Columbia, you'll find a brightly colored message waiting... More >>
23 hours ago Tuesday, July 07 2020 Jul 7, 2020 Tuesday, July 07, 2020 9:28:00 PM CDT July 07, 2020 in News
COLUMBIA – Columbia Public School District gave parents and students the option of attending in-person classes, or attending online classes... More >>
23 hours ago Tuesday, July 07 2020 Jul 7, 2020 Tuesday, July 07, 2020 9:27:00 PM CDT July 07, 2020 in News
CORINTH, Miss. (AP) — A Missouri man suspected in a Tennessee kidnapping was found during a traffic stop in Mississippi.... More >>
1 day ago Tuesday, July 07 2020 Jul 7, 2020 Tuesday, July 07, 2020 9:01:42 PM CDT July 07, 2020 in News
Columbia, MO
Broken Clouds 85°
10pm 82°
11pm 80°
12am 78°
1am 77°