The Missouri General Assembly’s newest plan to bring in money for the state introduces new taxes on out-of-state sellers but lowers taxes for those in the top tax bracket.
House Bill 548, sponsored by Rep. J. Eggleston, R-Maysville, which narrowly received initial approval from the House on Tuesday, would make three major changes to taxes in Missouri.It would cut the top income tax by 0.14 percent at the beginning of 2020. Then, over the next two years, the tax rate would increase or decrease depending on how much revenue the state brings in — sort of like a pendulum. When Missouri doesn’t hit a certain revenue target, the top tax income rate would increase in increments of 0.05 percent to try and make up for it. The rate would decrease in increments of 0.05 percent if Missouri brings in enough money.
by ian nickens
April 10, 2019