Mo. House Democrats offer tax-cut plan
Tue, 14 Jan 2014 15:20:37 GMT —
Democrats in the Missouri House are proposing to cut income taxes for lower- to middle-income individuals and raise them for many wealthier residents.
House Democrats outlined a tax overhaul plan Monday as an alternative to the tax-cut plans being pursued by majority party Republicans.
Democrats said their plan would be "revenue neutral" for the state. It would lower the tax rate on the first $30,000 of income but raise it for income over $300,000 beginning in 2016.
The legislation also would cap the amount of federal income taxes that can be deducted on state income tax forms but increase the standard deduction for people earning less than $15,000 annually.
Some of the Republican tax-cut plans are tailored more specifically for businesses.