Greitens seeks 10 percent cut to Missouri income tax rate
MACON, Mo. (AP) – Missouri Gov. Eric Greitens is proposing to cut the state’s top individual income tax rate by 10 percent and reduce the corporate income tax rate by nearly one-third.
Greitens was traveling the state Monday to outline the details of what he calls the “boldest state tax reform in America.”
His plan would reduce the top individual income tax rate from 5.9 percent to 5.3 percent and create a nonrefundable state tax credit for low-income workers that he says would essentially eliminate income taxes for 380,000 people.
He wants to cut the corporate tax rate from 6.25 percent to 4.25 percent.
Greitens says the plan would remain revenue-neutral by eliminating incentives for businesses to pay sales taxes quickly and by paring back state income tax deductions based on federal tax payments.