JEFFERSON CITY, Mo. (AP) – Gov. Eric Greitens’ administration says businesses would shoulder most of the costs of roughly $800 million in income tax cuts the Republican is proposing.
To make the plan revenue-neutral, Greitens is recommending ending some deductions and perks for businesses.
Greitens’ spokesman Parker Briden on Wednesday said some multistate corporations with relatively few employees and little property in the state would face tax hikes. Data from Greitens’ administration show the tax plan is funded partly by changing how those companies calculate their taxable income. The plan also ends state deductions for what’s owed in federal corporate taxes, among other changes.
Greitens wants to cut individual income taxes to 5.3 percent from 5.9 percent for most Missourians, and he wants to cut corporate tax rates from 6.25 percent to 4.25 percent.