Missouri senators on Tuesday gave first-round approval to a bill to cut state individual income taxes as called for by Republican Gov. Mike Parson.
The GOP-led Senate’s compromise plan would immediately cut the top income tax rate from the current 5.3% down to 4.95%. Parson had asked lawmakers to take the top tax rate to 4.8%.
In his special session call, Parson also directed lawmakers to increase the standard deduction by $2,000 for single filers and $4,000 for couples. He limited tax cuts to a maximum $700 million price tag per year.
Senators did not debate a separate proposal mirroring Parson’s wish list on Tuesday.
Some Republicans want even deeper tax cuts, while Senate Democrats on Tuesday pushed to send Missourians one-time checks this year in lieu of income tax cuts that they warned could mean less money for education, infrastructure and other expenses in the future.
The compromise measure needs another vote of approval by the full Senate before it can move to the House.
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