Governor Parson Announces Fifth Historic Income Tax Cut Amid Missouri's Economic Growth
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Governor Mike Parson announced a historic fifth income tax cut during his administration, lowering Missouri's top income tax rate to 4.7 percent. This marks a more than 20 percent decrease in Missourians' income tax burdens. The tax cut was triggered by Missouri's strong economy and revenue growth, as outlined in Senate Bills (SB) 3 & 5, approved in 2022. The state has seen significant job growth, with nearly 70,000 jobs added in 2024 alone, and maintains a low unemployment rate. The tax cuts aim to keep more money in Missourians' pockets and encourage economic growth.
Read the full article here: https://governor.mo.gov/press-releases/archive/governor-parson-announces-historic-fifth-income-tax-cut-during-his
