Some good news for those of us in the Show Me state:
Tuesday, the Missouri Legislature voted to override Gov. Jay Nixon’s veto of SB 509, a Republican plan that aims to give residents a $620 million income tax cut by 2022.
The St. Louis Post Dispatch reported:
Americans for Prosperity Missouri praised the state legislature for overriding Nixon’s veto, saying in a statement that it “provides the first income tax reduction Missourian’s have seen in 92 years as well as a tax cut for small business owners, the engine of job creation.”
“The state legislators who voted to override Governor Nixon’s veto and pass SB 509 have won an important victory for the Missouri taxpayer and small business owners,” explained Patrick Werner, State Director of Americans for Prosperity. “This Tax cut is an important first step towards limited government and away from the tax and spend policies of the current administration and previous state legislatures. We hope this is the start of serious budget reform including constitutional limits on future state spending so we can free Missouri’s economy.”
It’s interesting to read the full article in the Dispatch, and to see the arguments for and against the legislation, and I would encourage you to check it out. The Republicans have basically included a stipulation that these tax cuts will only kick in gradually, and only if state revenues increase by certain milestone amounts. Or, put another way: reduce taxes, verify the result, then reduce some more if it worked. Sounds pretty reasonable to me, and something that could be expected from the “Show Me” state. I look forward to seeing what happens.
Regardless, the last time Democrats actually carried through on reducing taxes was when JFK was in office. A national tax reduction would be great, but at least this will provide some relief for us here at home. Thank you, Missouri Republicans!
There’s my two cents.