JEFFERSON CITY, Mo. (AP) - Missouri Gov. Jay Nixon is describing a tax-cut bill passed by the Legislature as a “reckless fiscal experiment.”
The Democratic governor indicated Wednesday that he likely will veto the income tax cut, just as he did a similar bill passed last year by the Republican-led Legislature.
Nixon convened a news conference to denounce the legislation a mere hour after the House gave it final approval on a 104-48 vote.
The legislation would gradually cut Missouri’s top individual income tax rate and phase in a new deduction for people who report business income on personal tax returns. The tax cuts would begin in 2017, but only if state revenues keep rising.
Nixon says the tax cuts would “drastically slash the income of our state” and harm education funding.