Missouri Legislature Cuts Taxes for Small Business Owners

Date: April 16, 2014

Brad Jones, state director of the National Federation of Independent Business, released the following statement in response to the passage of SB 509, a bill reducing the personal income tax by 0.5 percent over a period of years. It also includes a deduction on business income, beginning in 2017:

"In a way, this is a tiny cut, but it's going to make a big difference to small-business owners, a lot of whom pay taxes at the individual rate rather than the corporate rate. It's going to make it just a bit easier for people to expand their businesses, create jobs and strengthen the overall economy.

"There's a real sense of uncertainty these days in the small-business community. There's the ongoing confusion over the Affordable Care Act, a tidal wave of new rules and regulations flowing out of Washington and the very real possibility that employers will have to reduce hours or hire fewer people if Congress raises the federal minimum wage.

"This vote by the Missouri Legislature helps ease some of that uncertainty and brings some much-needed relief to Main Street. Our members are asking Governor Nixon to do the right thing and sign SB 509 into law."

NFIB/Missouri is the state's leading small-business association, with 8,700 dues-paying members representing a cross section of the state's economy.

PHOTO: KTrimble/Wikipedia

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