JEFFERSON CITY – Missouri State Treasurer Eric Schmitt announced that Missouri taxes will be cut in 2018.
Missouri’s highest income tax will fall from 6 percent to 5.9 percent, according to a press release. Small business owners will also be allowed to deduct 5 percent of their business income from their individual filing.
“I’m proud to have led the fight for two of the largest tax cuts in state history,” Schmitt said. “This will mean more job opportunities and more take-home pay for Missourians, which will in turn help to grow our economy. While states with poor fiscal management like Illinois and Connecticut look to raise their taxes to keep government bloated, Missouri is financially empowering its citizens by letting them keep more of their hard-earned money."
This is the first reduction in income tax for Missouri taxpayers in nearly 100 years.