- Associated Press - Tuesday, May 6, 2014

JEFFERSON CITY, Mo. (AP) - Missouri Gov. Jay Nixon says a tax cut enacted despite his veto is a “very real threat” to the state’s principles of fiscal discipline.

The Democratic governor said Tuesday the tax cut bill cut doesn’t prioritize or adequately protect education. He says families and businesses know that public education is the best economic development tool.

The tax cut measure gradually reduces Missouri’s top individual income tax rate and phases in a new deduction for business income reported on personal tax returns.

Missouri’s Republican-led Legislature overrode Nixon’s veto of the bill. Supporters contend the tax cut will help the economy and keep Missouri competitive with other states that have enacted tax cuts.