Missouri Lawmakers Override Veto, Enact Tax Cut

From ABC News

Jefferson City, MO May 6, 2014 (AP)
By: David A. Lieb Association Press

Missouri’s Republican-led Legislature enacted the state’s first income tax rate reduction in almost a century Tuesday by overriding the veto of Democratic Gov. Jay Nixon, who has denounced it as a reckless financial experiment.

The law will gradually cut Missouri’s top individual income tax rate starting in 2017 and make the state just the third in the nation to offer a special business-income deduction on personal tax returns. But the incremental tax cuts will occur only if Missouri’s revenues keep growing. Continue reading for more information on the tax cut through ABC News.