Governor Nixon leaves no doubt that he’ll veto the latest tax cut bill approved by the legislature. “This year’s reckless fiscal experiment looks a lot like last year’s reckless fiscal experiment,” he says.
Nixon says the tax cut will take more than 600-dollars out of the state bank account every year…and take the state in the wrong direction.
Majority Republicans say the tax cuts and increases will trigger economic development.
The bill cuts the individual income tax by a half percent through a period of years, one-half of one percent anytime state income increases by at least $150-million above the previous year’s income.
The bill also allows individual income tax deductions for some businesses.
The legislature will have a chance to override his veto before the end of the session. The House failed to override last year’s veto.
Nixon says the newest Republican tax cut bill is “irresponsible” and based on “discredited economics.” He has not said he’ll veto it. But his criticism leaves little doubt he will. He’s required to act soon enough that the legislature will have time to override. The legislature failed to override Nixon’s veto of last year’s tax cut bill.