Cutting Taxes for All Missourians
Inflation is rampant, with rising costs on everything from gas to groceries to housing. This week, the Missouri Senate did something to help by passing the largest income tax cut in state history. The legislation we sent to the House of Representatives will put nearly $1 billion back in the pockets of hardworking Missourians.
If approved by the House, Senate Bill 3 will lower Missouri’s individual state income tax, beginning with the 2023 calendar year. The law provides for additional reductions as state revenues grow. Once all the revenue triggers in the law are reached, Missouri’s taxpayers could save nearly $1 billion. The tax cuts benefit taxpayers at all income levels. Senate Bill 3 eliminates Missouri’s lowest tax bracket entirely. Individuals earning less than $14,000 per year will owe no state income tax at all.
The income tax rate cuts were not the only wins for Missouri’s economy. We also approved nearly $40 million of tax credits to support agriculture in Missouri. I’m proud to stand with hardworking Missourians, small businesses and farmers as we bring lasting tax relief for years to come.
It is my great honor to represent the citizens of Platte and Buchanan counties in the Missouri Senate. Please contact my office at (573) 751-2183, or visit www.senate.mo.gov/mem34.