Capitol Report: Relief for Missouri Taxpayers in 2023

This is an editorial: An editorial, like news reporting, is based on objective facts, but shares an opinion. The conclusions and opinions here have been derived by the guest contributor and are not associated with the news staff.
 
     Permanent tax cuts are coming in 2023 for all hardworking Missourians. High gas prices, low stock of goods and rising costs of living have made it challenging for many people to keep up financially. With the passage of Senate Bill 3, the largest income tax cut in our state’s history, Missouri residents will soon see more money in their take-home pay. 
     Missouri’s top individual income tax rate will lower from its current rate of 5.3% to 4.95%. This legislation also contains triggers that could lower the income tax rate further to 4.5% as Missouri’s economy grows. This will ensure that Missourians keep more of their hard-earned money while our state continues to fund essential programs. In addition, the lowest income tax bracket will be eliminated under the extra session bill.
     This legislation is part of a continued effort to cut taxes. As your state senator, I will continue to work to take rising inflation head-on by cutting taxes, stopping wasteful spending and putting more of your tax dollars back in your pockets.
     Working together, we’ve now successfully reached both goals set for this extra legislative session: cutting the state’s individual income tax rate and extending several tax credits for Missouri’s farmers and agricultural industries that put food on our tables. This $40 million tax credit package also includes incentives for ethanol and biodiesel producers and retailers, and supports urban and family farm operations, the timber industry and others.
     As always, I am honored to serve the citizens of the 8th Senatorial District. Please feel free to contact my office in Jefferson City at 573-751-1464. For information about legislation I have sponsored or my work in the State Capitol, please visit my official Missouri Senate website.