Greitens seeks 10 percent cut to Missouri income tax rate - KMOV.com

Greitens seeks 10 percent cut to Missouri income tax rate

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Missouri Governor Eric Greitens takes a reporters question as he unveils the new state budget during a press conference at the State Capitol in Jefferson City, Missouri on January 22, 2018.  Photo by Bill Greenblatt/UPI Missouri Governor Eric Greitens takes a reporters question as he unveils the new state budget during a press conference at the State Capitol in Jefferson City, Missouri on January 22, 2018. Photo by Bill Greenblatt/UPI

MACON, Mo. (AP and KMOV.com) -- Missouri Gov. Eric Greitens is proposing to cut the state's top individual income tax rate by 10 percent and reduce the corporate income tax rate by nearly one-third.

Greitens was traveling the state Monday to outline the details of what he calls the "boldest state tax reform in America."

His plan would reduce the top individual income tax rate from 5.9 percent to 5.3 percent and create a nonrefundable state tax credit for low-income workers that he says would essentially eliminate income taxes for 380,000 people.

He wants to cut the corporate tax rate from 6.25 percent to 4.25 percent.

Greitens says the plan would remain revenue-neutral by eliminating incentives for businesses to pay sales taxes quickly and by paring back state income tax deductions based on federal tax payments.

For more details on the tax plan, click here.

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   This story has been corrected to reflect that the proposed state tax credit for low-income workers would be nonrefundable, not refundable.

   AP-WF-01-29-18 1835GMT

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