Tax cut plan: Legislative proposal could benefit from direct payments of up to $325

[ad_1]

Millions of Americans may be in line to get a direct payment for up to $325 dollars by December 1, as part of a legislation proposed by Senator Lincoln Hough in Missouri.

This proposed legislation comes after a tax cut plan by Governor Parson was rejected in Missouri’s Senate, under which the governor had vetoed some parts of a spending bill by issuing potential rebates of up to $500 for every individual reporting taxable income.

After this veto, lawmakers in the state held a special session to look at cutting taxes, with the top Senate budget writer calling for a $325 dollar rebate instead.

Eligibility for this $325 check in Missouri

Individuals that earned less than $150,000 dollars last year will receive a $325 check, with the possibility for couples who file jointly to be below the $300,000 in total and receive a $650 check.

This was possible through over a dozen proposals on how to handle the state’s taxes, with over 10 bills making cuts in income taxes, one of them even cutting corporate income tax, a proposal that would leave the personal income tax intact.

There’s a $4.4 billion dollar surplus in the state’s general revenue fund as of the end of August.

According to the Missouri Independent, the state has three main supplies that generate revenue for their budget: income taxes, sales taxes and corporate taxes.



[ad_2]

Leave a Comment