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Independent analysis from the Missouri Budget Project found that, by the time the state's new tax plan is fully in place, the middle 20% of earners would save just $131 a yea on average, while the top 1% would be saving over $9,500.
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The governor called lawmakers back into a special session to pass legislation that cuts Missouri's income tax from 5.4% to 4.95%. It would bring the rate down even more if certain general revenue targets are met.
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During a special session, lawmakers also passed legislation last week that cuts Missouri’s income tax. Both bills now head to Gov. Mike Parson’s desk, where he is expected to sign them.
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The legislation decreases the top rate to just under 5% and sets the stage for further reductions. The cut was one of the goals of the special session Parson called.
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The session, called by Missouri Gov. Mike Parson, is supposed to center around a permanent income tax cut as well as tax credits for agriculture. However, some lawmakers are filing unrelated bills in hopes of passing them this time around.
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Gov. Mike Parson wanted a starting date of Sept. 6 for a special session on an income tax cut and agriculture tax credits. However, Republican leadership in a joint statement said they intend to use this week for further negotiations.
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Parson’s proposal would lower the state’s top income tax rate from 5.3% to 4.8% and eliminate the bottom income tax bracket. Some Democratic lawmakers and advocates have expressed concern an income tax cut is poorly-timed.
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After a standoff with fellow Republicans, Governor Parson finally called for the special session to resolve issues over extending the federal reimbursement allowances.
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Missouri's legislature convenes for a special session, and Baseball Reference adds Negro Leagues statistics to its database.
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A special legislative session convened by Gov. Mike Parson on June 27 was meant to focus on six violent crime prevention provisions.
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Kansas City faith leaders are developing police division-specific strategies to deter violent crime, a powerful windstorm disrupts communities, crops and livelihoods in Iowa, and a special session in the Missouri General Assembly drags on nearly a month after being called to order.