Tax cut heads to Missouri governor’s desk

JEFFERSON CITY, Mo. (KMIZ)

A bill is heading to Gov. Mike Kehoe's desk that would end income taxes on capital gains.

The Missouri House approved HB 594 on a 102-41 vote Wednesday. The bill, already approved in the Senate, would exempt proceeds from sales of assets from income taxes. The legislation was a priority for Republican leadership in the General Assembly.

The bill could reduce state revenue by more than $500 million, opponents say.

"The new exemption would send hundreds of millions to Missouri’s wealthiest," the think tank Missouri Budget Project stated in a news release. "[Eighty] percent of this tax giveaway goes to the top 5 percent of Missouri taxpayers, with more than two-thirds going to the top one percent – or those with incomes averaging $1.9 billion a year."