Treasurer Schmitt: Tax cuts on the way for Missourians in 2018
Thursday, July 6, 2017
JEFFERSON CITY – Missouri State Treasurer Eric Schmitt today confirmed that Missouri taxes will be cut in 2018 as a result of legislation he championed as a state senator in 2014.
Triggered by state revenue growth, Missouri’s highest income tax rate will fall from 6 percent to 5.9 percent for 2018 tax filings. The new policy will also allow small business owners to deduct 5 percent of business income from their individual filings.
“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 higher 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."
The change will mark the first income tax rate reduction for Missouri taxpayers in nearly 100 years.