Friday means the end of a bad week for the Missouri Legislature
It’s been another forgettable week for the Missouri Legislature. Rather than waiting to see how Kansas’ tax overhaul, panned by bipartisan policy wonks as the worst in the nation, plays out, the Missouri House on Thursday passed a bill that mirrors some of the main tenets of the Sunflower State’s tax code.
The bill would reduce the income-tax rate for sole proprietors and businesses structured as S-corporations.
Bean counters in Jefferson City estimate that such a fully implemented tax code would lead to anywhere between $492 million to $629 million in losses to the general fund.