Missouri Governor Gets Cold Feet on State Tax Credit
Governor Mike Parson, who has until mid-July to decide, noted that there will be “a lot of discussion” on whether he will eventually sign the proposal.
Missouri governor Mike Parson appears to be getting cold feet regarding the one-time tax credit bill that is awaiting his signature.
Per the Associated Press, the Republican governor on Wednesday told reporters that the tax credit proposal was “put together in a pretty quick fashion” by the GOP-led legislature, adding that it picks “winners and losers.”
He continued by saying that “what I would be calling on the Legislature to do is cut everybody's income tax. Make it fair across the board. We can afford to do that right now.”
The bill lawmakers sent to Parson calls for up to a $500 non-refundable tax credit for single workers and a maximum of $1,500 for married couples filing jointly. Moreover, the refunds would go only to individuals earning less than $150,000 and couples making less than $300,000 per year.
However, the exact dollar amount available per taxpayer is still unclear and also depends on individuals’ tax liability. According to the St. Louis Post-Dispatch, the cost of the proposal is capped at $500 million, which means that the final check amounts could be adjusted lower if claims for the money exceed the set limit.
Parson, who has until mid-July to decide, noted that there will be “a lot of discussion” on whether he will eventually sign the proposal.
Like Missouri, several other states have stepped in to propose their own version of tax rebates or stimulus checks to help ease the burden of red-hot inflation that has reached a forty-year high.
For example, just last week, Pennsylvania governor Tom Wolf once again pressed the Republican-led legislature to pass legislation for the $500 million PA Opportunity Program, which would send outdirect payments of up to $2,000 to millions of Pennsylvanians.
“I first introduced this plan four months ago. A lot has changed since then, from inflation to price increases to a war in Ukraine. Pennsylvanians need our support even more today than they did in February. Under my plan, Pennsylvania households earning $80,000 or less will get up to $2,000, and they can use the money for whatever they need,” Wolf explained in a statement.
“This plan will help Pennsylvanians get back on their feet right now—but I also want to look ahead, to the long-term solutions that will help keep Pennsylvanians on the path to prosperity,” he added.
Meanwhile, in a rare rebate program proposed by lawmakers in Hawaii, taxpayers earning less than $100,000 per year and their dependents will be on the receiving end of a $300 payment. Furthermore, those who earn more than six figures annually will receive $100.
Ethen Kim Lieser is a Washington state-based Finance and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.
Image: Reuters.