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The bill sponsored by Missouri Rep. Travis Smith, R-Dora, would cut the 4% corporate tax rate down to 3% next year, and make another one percentage point cut each year until the tax is eliminated in 2028. It passed the Missouri House on a party-line vote.
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The current Secretary of State and Republican gubernatorial hopeful enlisted the help of economists who crafted the 2012 Kansas tax plan, which crashed revenues and was repealed several years later, to prepare a proposal for Missouri tax revisions.
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Indigenous grassland once dominated much of Kansas. A new program, backed by corporate beef buyers, is teaming up with ranchers to preserve what's left of the rare ecosystem. Plus: A Missouri representative is working on bipartisan legislation to expand the Child Tax Credit as well as business tax breaks.
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The Salem Republican has taken criticism from both parties for his work on the Tax Relief for American Families and Workers Act. In addition to expanding the Child Tax Credit, the bill includes significant business incentives.
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Republicans in the Kansas Senate will need more votes to override a potential veto from Democratic Gov. Laura Kelly.
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Democratic Gov. Laura Kelly released her tax proposal on the first day of the 2024 legislative session. While s he has support from a handful of Republican lawmakers, GOP leaders are expected to again pursue a single-rate income tax system.
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The 1% income tax for people who work in the city makes up 37% of St. Louis’ general revenue fund and 45% of Kansas City’s. The main question is what that revenue would be replaced with if the earnings tax is phased out.
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The bipartisan bill, exempting Social Security benefits and public pension payments from income tax, would reduce state general revenue by an estimated $309 million annually.
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Under current Missouri law, there is an income cap where single tax filers who make more than $85,000 and joint filers who make more than $100,000 would owe some state income tax on Social Security. The bill removes that cap, a change that's estimated to cost the state $318 million annually.
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The GOP bill would cut Missouri's corporate income tax rate in half, cut the top rate on personal income taxes, and exempt Social Security payments from taxation. Democrats, however, said another cut — coming on top of a tax cut approved in September that has not been fully implemented — would put the state into a potentially precarious financial position.
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The Kansas Senate approved a sweeping proposal that would eliminate tax brackets and create one flat income tax rate of 4.75%. But could the plan actually mean a tax increase for lower income Kansans?
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Missouri's state treasury has a large surplus after 28 months of double-digit revenue growth and federal payments tied to COVID-19 relief and recovery. The extra money should help smooth any economic downturn while also allowing for new spending initiatives.