Health & Fitness
Updating the Tax Code to Protect Hardworking Missourians
To help Missourians keep more of their hard-earned money, the House of Representatives passed Paul Curtman’s (R-Union) House Bill 1268, which would adjust Missouri’s income tax brackets for inflation annually.
Since Missouri’s tax brackets have not been updated since the 1930s, our highest tax bracket starts at $9,000. While $9,000 was a livable wage in 1930, it is below the current federal poverty level for a single adult. HB 1268 would stop our most vulnerable citizens from being taxed in the highest bracket.
Because our tax system does not change with inflation, more than $2,000,000,000 is being siphoned off from Missouri taxpayers, but this legislation would reverse the hidden tax increases that have taken place over the past 90 years due to inflation. By modernizing Missouri’s tax code and protecting low-income workers from unfair tax rates, HB 1268 would rejuvenate our state’s productivity and economic growth.
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HB 1268 passed in the House by an overwhelmingly bipartisan vote of 146 to 4 and has moved to the Senate for debate.