Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Missouri governor vetoes bill halving corporate tax rate
Source: Reuters
Missouri governor vetoes bill halving corporate tax rate
By Kevin Murphy
KANSAS CITY, Missouri | Wed Jun 5, 2013 4:15pm EDT
(Reuters) - Missouri Governor Jay Nixon on Wednesday vetoed legislation to sharply reduce corporate taxes that lawmakers said would help Missouri compete with neighboring Kansas and other states, saying the reductions would jeopardize critical state services.
"With a price tag of $800 million, this legislation is an ill-conceived, fiscally irresponsible experiment that would hurt our economy and jeopardize funding for vital public services," Nixon said in a statement accompanying his veto message.
Representative T.J. Berry, a leading Republican sponsor of the bill, said on Wednesday, however, that Nixon was exaggerating the impact of the proposed cuts, which would only apply in years when tax collections were up by certain amounts from prior years.
The bill would cut the corporate tax rate to 3.125 percent from 6.25 percent over 10 years. It also calls for taxes on income a business owner declares on a personal return to decline by 50 percent over five years.
[font size=1]-snip-[/font]
By Kevin Murphy
KANSAS CITY, Missouri | Wed Jun 5, 2013 4:15pm EDT
(Reuters) - Missouri Governor Jay Nixon on Wednesday vetoed legislation to sharply reduce corporate taxes that lawmakers said would help Missouri compete with neighboring Kansas and other states, saying the reductions would jeopardize critical state services.
"With a price tag of $800 million, this legislation is an ill-conceived, fiscally irresponsible experiment that would hurt our economy and jeopardize funding for vital public services," Nixon said in a statement accompanying his veto message.
Representative T.J. Berry, a leading Republican sponsor of the bill, said on Wednesday, however, that Nixon was exaggerating the impact of the proposed cuts, which would only apply in years when tax collections were up by certain amounts from prior years.
The bill would cut the corporate tax rate to 3.125 percent from 6.25 percent over 10 years. It also calls for taxes on income a business owner declares on a personal return to decline by 50 percent over five years.
[font size=1]-snip-[/font]
Read more: http://www.reuters.com/article/2013/06/05/us-usa-missouri-veto-idUSBRE9541F520130605
