To hear the Show Me Today interview with state Senator Tony Luetkemeyer (6:03), click below.
Missourians receiving Social Security benefits could get a break on their state income taxes. State Senator Tony Luetkemeyer, R-Parkville, has filed a bill that would let them keep their Social Security income.
“Missouri is one of only 11 states in the country right now that taxes the Social Security benefits of seniors,” said Luetkemeyer. “I believe that the state needs to be looking out for and supporting our seniors. The people on fixed incomes should not be double taxed on benefits that frankly they paid taxes on the first time, when they were withheld from their paychecks originally.”
The potential cost of this plan is unknown, but Luetkemeyer expects that information to come out after the bill is assigned to a state Senate committee.
Missouri has a reported $6 billion in extra cash and plenty of people will want to put their hand in the cookie jar. Can the state afford this plan long-term?
“My belief is that we will be able to afford it and what I base that on is the fact that all but 11 states in the country have found a way to make this work financially,” he said. By letting more money stay in people’s pockets, it will help stimulate the economy. People will tend to spend more money if they have more money in their pocket.”
Luetkemeyer said the bill does not have an income cap – it’s for low-income Missourians, the middle class and the wealthy.
“My belief is if you paid taxes on that income originally, whenever it went into the Social Security fund, you already paid your fair share of taxes. And so every taxpayer should benefit from this broad based tax relief,” he said.
For more information on Senate Bill 448, click here.
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