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July 5, 2022Columbia, Mo. |  By: AP

Missouri Gov. Parson calls for income tax cut

taxes

COLUMBIA, Mo. (AP) — Missouri’s Republican Gov. Mike Parson on Friday vetoed a one-time, limited tax refund and instead called on state lawmakers to pass a widespread income tax cut.

Parson proposed a special legislative session focused on cutting Missouri’s individual income tax rate, which is 5.4% for most taxpayers, to around 4.7%.

Missouri has surplus revenue, in part due to repeated federal stimulus funding during the COVID-19 pandemic. Parson wants to use some of that extra funding for tax breaks, although he didn’t provide details on what the cost might be.