Missouri Budget Project Proposes Alternative Tax Plan for Special Session

The Missouri Budget Project is out with an alternative tax proposal that it wants state lawmakers to consider during the upcoming special session. 

Like Governor Parson’s plan, M-B-P’s proposal reduces the top income tax rate from five-point-three to four-point-eight percent, but it would also eliminate the business income tax deduction or “L-L-C loophole” and strengthen Missouri’s Working Families and Circuit Breaker tax credits.  

M-B-P president Amy Blouin says about one-third of Missourians would see no tax change under the governor’s plan, including older residents on fixed incomes and low-wage families with children.   

But Parson argues every taxpaying Missourian will see a reduction in their tax liability under his proposal.