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Health & Fitness

Republicans Continue to Support Tax Relief for Small Businesses

While tax cut opponents argue that the government is the best avenue for allocating resources, workers and business owners know that they are most productive when allowed to keep more of the money they work so hard to earn. I stood with Missouri families and businesses this week by supporting the Broad-Based Tax Relief Act of 2014 (House Bill 1253 & 1297).

House Bill 1253 & 1297 would let companies know that Missouri is open for businessby gradually lowering the percentage of business income that is taxed and reducing Missouri’s corporate tax rate while protecting state revenues against sharp declines.

After the bill’s passage, if Missouri’s revenues were equal to or greater than 2012 levels, the percentage of business income that is taxed would fall to 90%, and the corporate tax rate would decline from 6.25% to 5.625% for the next year. If revenue levels continued to remain consistent or increase, the amount of business income taxed would decrease to 50%, and the corporate tax rate would be reduced to 3.125% through incremental cuts over several years.

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The annual cuts would not take place if the state took in less revenue than it did in 2012, so Missouri would continue to be able to fund its most essential obligations, including education and healthcare for the disabled.

Many small businesses do not qualify for the tax credits and incentives our state currently has in place, but this across-the-board cut would benefit businesses of all sizes. Since businesses with 50 or fewer employees created over 75,000 jobs between 2005 and 2012, we must create an environment where these companies can grow and thrive.

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HB 1253 & 1297 was passed out of the House of Representatives this week and has been sent to the Senate for consideration.

I believe that the state has an obligation to fund vital services for Missourians, but we will not be able to continue allocating money for these programs if businesses and job opportunities leave our state’s borders. HB 1253 & 1297 protects state revenues and the small business owner, ensuring that Missouri remains a land of economic opportunity for generations to come.

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