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It’s been a golden year for state tax cuts, and the Show Me State is the latest to deliver. The tax saga in this heartland state captures the good and bad of today’s tax-cutting trend.
Missouri’s Legislature on Saturday approved a plan to cut the state’s top income-tax rate to 4.95% from 5.3%. The bill contains triggers that will reduce the rate further each year if the state meets certain revenue targets. If state coffers stay full, Missouri’s top rate will fall to 4.5% by 2027. That would be a leap from the bottom half to the top quarter of the 50 state income-tax ranking.
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