On behalf of nearly 7,300 members of National Taxpayers Union in Missouri, I urge you to enact the SB 509 income tax cuts by overriding Governor Jay Nixon’s probable veto. The plan would lower income taxes for hardworking Missourians by $620 million annually, starting in 2017, and would also benefit the state’s small businesses by phasing in a 25 percent tax cut for business owners who pay income taxes at the individual level. Additionally, taxpayers making less than $20,000 annually would receive an extra $500 dollar personal exemption.
By gradually lowering the top income tax rate to 5.5 percent, the bill would also create a more competitive tax climate amongst neighboring states such as Kansas and Oklahoma, where top marginal rates are 4.9 and 5.25 percent, respectively. While our members would benefit from an even larger personal income tax cut, SB 509 represents a step in the right direction that will allow taxpayers to keep more of their hard-earned money to spend, save, or invest. And by lightening the tax load on small businesses, owners will have additional resources to create jobs and expand operations. The tax cut package is a win-win for the people of Missouri.
While SB 509 represents a relatively modest tax cut package, it would undoubtedly provide a boost to the hardworking taxpayers of the Show Me State, who still face a sluggish economic climate. With no tax reform from leaders in Washington, DC in sight, it is up to state legislators to provide the much-needed relief that taxpayers deserve. In the event of a veto by Governor Nixon, I urge you to vote for SB 509 and ensure that it becomes law. Missourians are counting on you.
Sincerely,Lee SchalkState Government Affairs Manager