MISSOURI (KFVS) - For the first time in nearly 100 years, Missouri taxpayers will see an income tax rate reduction.
According to State Treasurer Eric Schmitt, Missouri's highest income tax rate will fall from 6 percent to 5.9 percent for 2018 tax filings.
"I'm proud to have led the fight for two of the largest tax cuts in state history," Schmitt said. "This will mean more job opportunities and more take-home pay for Missourians, which will in turn help to grow our economy. While states with poor fiscal management like Illinois and Connecticut look to raise their taxes to keep government bloated, Missouri is financially empowering its citizens by letting them keep more of their hard-earned money."
The new policy will also allow small business owners to deduct 5 percent of their business income from their individual filing.