As Show-Me State’s General Assembly Convenes, Tax Cuts Take Effect

Date: January 04, 2023

The state’s tax cuts drop the individual rate to 4.95 percent and exempt the first $1,000 in income from taxes

As Missouri’s General Assembly gaveled into session on Wednesday, the state’s recently passed tax cuts when into effect, dropping the individual rate to 4.95 percent and exempting the first $1,000 in income from taxes.

These tax cuts are welcome news to small businesses. As the latest National Federation of Independent Business Small Business Optimism Index revealed, inflation remains the No. 1 problem facing Main Street. And far too many employers are unable to find workers, while many communities’ lack of access to broadband puts small businesses at a competitive disadvantage.

Cutting taxes was a crucial first step. But as prices continue to skyrocket and workers remain scarce, job creators will be asking state lawmakers to do no harm and to act in the best interest of small businesses.

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