Missouri House Approves Gradual Elimination of Corporate Income Tax

April 2, 2024

    Missouri House Votes to Eliminate Corporate Income Tax by 2028

    In a move that has sparked a sharp partisan divide, the Missouri House of Representatives has voted to gradually eliminate the state’s corporate income tax. The decision came on Monday, with a policy that will see the current 4 percent tax rate reduced by one percent annually. By 2028, if the policy survives the legislative process, corporate income tax in Missouri will be a thing of the past.

    Supporters of the bill, which includes all House Republicans, have expressed confidence that this tax phase-out will significantly strengthen Missouri’s economy. They argue that the elimination of corporate income taxes will attract more businesses to the state, potentially leading to job creation and increased investments.

    Conversely, opposition from House Democrats has been unanimous. They contend that the policy will lead to a substantial loss in revenue that is crucial for public services. Democrats also raise concerns that the benefits of this tax cut will disproportionately favor the wealthiest corporations and individuals in Missouri, rather than the broader population.

    The bill’s journey is far from over, as it now requires the approval of the Missouri Senate. The outcome in the Senate will determine whether Missouri joins the ranks of other states that have chosen to forgo corporate income taxes in an effort to stimulate their economies.

    As the debate continues, constituents on both sides are watching closely to see how this policy might reshape Missouri’s fiscal landscape and its appeal as a business destination.

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