Sen. Doug Beck Supports Tax Credits for Working Families, Not the Wealthy
Tuesday, September 20, 2022
For Immediate Release: Sept. 20, 2022
Contact: Lillian A. Williams, 573-751-0220
JEFFERSON CITY – Lawmakers returned to Jefferson City on Sept. 14 to convene the constitutionally required veto session and an extra legislative session called by the governor to cut income taxes and address several agricultural items. In response, State Sen. Doug Beck, D-Affton, is encouraging his colleagues to stand behind the bipartisan legislation passed during the 2022 legislative session and override the governor’s veto on House Bill 2090. A provision in HB 2090 allowed qualified taxpayers to claim a $500 tax credit for individuals earning less than $150,000 and a $1,000 credit for couples earning under $300,000. The governor vetoed the bill, citing his preference to cut income taxes for all Missourians over issuing one-time rebates.
“Working class families would greatly benefit from $500 or $1,000 tax rebates as they struggle to make ends meet and battle record inflation,” said Sen. Beck. “It is fiscally irresponsible, and illogical, to use the one-time surplus in revenue from the American Rescue Plan Act to further reward the wealthy and potentially harm our state in the long-run. It is working families, not the wealthy, who need and deserve these tax breaks.”
An analysis by the Missouri Budget Project predicts the wealthiest 1% would save more than $6,000 a year under the governor’s proposed cuts, while low-income Missourians would save about $11 annually. Additionally, taxpayers cover the expenses associated with extra legislative sessions through general revenue. In the Missouri Senate alone, extra sessions cost taxpayers $58,741 in 2020 and $21,076 in 2021. These totals do not include the expenses incurred by the House of Representatives.
For more information about Sen. Beck and his legislation, please visit his Senate website.