Tagged: income tax

Governor Jay Nixon vetoed legislation Wednesday that would have cut Missouri’s income tax rates for the first time in 90 years.

The Republican-led General Assembly passed the bill in large part pointing to neighboring Kansas which already has slashed its personal and corporate income taxes.

But as St. Louis Public Radio’s Maria Altman reports, the Democratic governor says the cuts would hurt Missouri education and other state services.

A 'Fiscally Irresponsible Experiment'

Updated 5:02 p.m. May 31

Newly released emails show that Gov. Jay Nixon's administration and legislative bill drafters each had a role in crafting an apparently inadvertent tax increase on prescription medications.

The prescription tax hike is included in a bill passed by the Legislature that cuts the state's income tax. Nixon has indicated he may veto the bill.

Last year, Congressional negotiations over the so-called fiscal cliff put year-end tax considerations in flux.

A deal was reached, and though the filing acceptance date was delayed a couple of weeks, the Internal Revenue Service is now accepting most 2012 tax returns.

The IRS did not, however, change the tax due date of April 15, 2013.

Host Don Marsh talked with St. Louis-based tax expert Lance Weiss, CPA, of SFW Partners, LLC.