Jay Nixon’s petulant veto.
The new law is designed to gradually reduce Missouri’s top individual income tax rate — currently charged on all income over $9,000 — from 6 percent to 5.5 percent. It also phases in a new 25 percent deduction for business income reported on personal tax returns. Each incremental cut would occur only if state revenues grow by at least $150 million over their high mark from the previous three years.
Jay Nixon’s hysterical, screaming veto.
Economists at the University of Missouri-Columbia have estimated that the tax cut will eventually reduce state revenues by $620 million annually. But Nixon asserted it could punch a $4.8 billion annual hole in the state budget. He contends the bill’s wording could be interpreted to eliminate taxes on all income over $9,000, though Republican legislative leaders have called that “absurd.”
If you’ve ever wondered what a politician looks like when the legislative equivalent of a heroin withdrawal program is implemented, take a good gander at Governor Nixon over there. He’s been chasing that particular dragon for quite a while, it looks like – and it looks like ol’ Jay thinks that Daddy still needs his fiscal medicine. [sigh] Don’t do taxes, kids. Sure, it’s a great high, but you end up needing more and more to get the same effect, and it’s never as good as the first time…