Today, Governor Eric Greitens announced the principles for his plan for state tax reform.
“For too long, our tax system has benefited special interests. Our tax plan puts working families first. We’re simplifying the tax code so small shops can compete with big businesses. We’re cutting taxes on people that work hard so they can keep more money in their pocket. And we’re doing it in a responsible, revenue-neutral way so we don’t put our children in debt. It’s the boldest state tax reform in America because it’s tax reform for working families–not lobbyists and special interests,” said Governor Eric Greitens
In the coming weeks, Governor Greitens and his team will release a detailed tax reform plan that follows the following principles:
1. Cut taxes for working families.
2. Lower taxes for businesses to create more jobs.
3. End loopholes that primarily benefit big businesses and high earners to responsibly cut taxes without breaking our budget.
4. Cut taxes in a way that is fiscally sound, maintains our state’s triple-A credit rating, and does not burden our children with debt.
• This revenue-neutral plan is responsible and bold. It cuts taxes for more than 97% of Missourians.
• The Governor’s plan cuts the personal income tax rate for anyone earning more than $9,072 a year.
• For 380,000 low-income working Missourians, the Governor’s plan will eliminate taxes entirely—cutting their tax bill to $0.00.
• It cuts taxes on businesses to create jobs—making Missouri one of the best five states in the country for corporate taxes.
• It does all this responsibly. By ending loopholes and unnecessary, unfair, or out-of-step breaks in our tax code, Missouri can cut taxes without going into debt.
In the coming weeks, the Governor will lay out the plan in further detail, work with the general assembly to translate these principles into draft legislation, and travel the state to promote these tax cuts for working families and small businesses.