Income Tax Cut Approved by Missouri Legislators

(JEFFERSON CITY)--Missouri lawmakers have given final approval to an income tax cut for businesses and individual taxpayers. The legislation approved yesterday would be the first decrease in Missouri’s income tax rate since 1921. The effort is to match similar steps taken by lawmakers in neighboring Kansas. Republicans say the move is a way to keep this state economically competitive in a battle for businesses. Democrats say it could impact funding for public schools and other government programs. Governor Jay Nixon hasn’t said whether he will veto the bill.