SPRINGFIELD, Mo. — Missouri Governor Mike Parson will speak at the 2022 Governor’s Conference on Economic Development hosted by the Hawthorn Foundation and Missouri Department of Economic Development in Springfield at the Oasis Convention Center around noon today.
He will speak about his proposed legislature of “historic” tax cuts and agricultural tax credits extensions.
If the tax cuts are passed, every Missourian will earn their first $16,000 tax-free and married joint filers will earn their first $32,000 tax-free. The legislation would also:
- Reduce the top individual income tax rate from 5.3% to 4.3%.
- Increase the standard deduction for individuals by $2,000 and $4,000 for married couples.
- Eliminate the bottom income tax bracket.
Seniors making $20,000 per year will have a 100% decrease in tax liability. A single adult making $25,000 per year can expect a 32% decrease. A single mom with two kids making $35,000 per year will see a 21% decrease. And, for a married couple making $125,000 per year, it would be an 11% decrease in tax liability.
As for the state’s top economic driver — the agricultural industry — the changes not only benefit farmers but folks at home as well.
Now, this part of Parson’s legislation includes adding several agricultural tax credit programs intended to develop key areas of Missouri’s industry. Each program will last a minimum of 6 years.
Missouri’s agriculture industry is its top economic driver and it contributes over $93 billion with over $55 billion generated in agricultural inputs and $34 billion in agricultural valued products.
Missouri’s agriculture industry employs nearly 460,000 employees. Many of the state’s top products include soybeans, corn, cattle, calves, and hogs.
Missouri is second in the nation in total farms, with 95,000 scattered farms covering two-thirds of the state. Missouri farmers don’t just feed Missourians; they feed the entire world by exporting our products. They are doing this in the midst of a war between Russia and Ukraine. They are doing this in the midst of inflated prices where food, fuel, and other household goods have gone up 8.5% in 12 months.
Ozarks First will cover more of Parson’s push for the tax cuts after he speaks in Springfield today.