Governor Eric Greitens stopped at Signature Packaging in Jackson Monday on a state tour to promote tax cuts for working families.
The plan will cut taxes for working families and lower taxes for businesses to create more jobs.
This revenue-neutral plan will cut taxes for more than 97 percent of Missouri taxpayers. It cuts the personal income tax rate for anyone earning more than $9,072 a year. The top personal rate will be cut from 5.9 to 5.3 percent. For 380,000 low-income working Missourians, the governor’s plan will eliminate taxes entirely.
The plan cuts taxes on businesses to create jobs — making Missouri’s corporate tax environment one of the best in the country.
Corporate taxes will be cut from 6.25 to 4.25 percent. That will give Missouri the second-lowest corporate tax rate in the country for those states that have corporate income taxes.
The plan closes loopholes and ends breaks that primarily benefit big businesses and high earners. This allows taxes to be cut for working families without jeopardizing Missouri’s AAA credit rating.
Jackson was the third of six stops on Greitens’s tour Monday and Tuesday.
“This is a plan that works for working families,” Greitens said. “We are here working for you.”
The plan still has to be passed by the Legislature.
“We’re gonna get this done,” said Greitens.