Missouri Senate passes individual income tax cuts
JEFFERSON CITY, Mo. (AP) - Missouri taxpayers could get a break on income taxes under a proposal passed by the state Senate.
The GOP-led chamber on Wednesday voted 24-4 in favor of the bill.
The measure now heads to the Republican-led House for consideration.
The bill would cut the top income tax rate from 5.3% to 4.95% in 2023.
Most Missourians pay the top income tax rate.
Income taxes could gradually fall to as low as 4.5% if the state meets revenue growth benchmarks tied to inflation.
The measure also eliminates the lowest tax bracket, meaning earners who bring in less than about $1,000 a year would no longer have to pay state income taxes.
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