New tax cuts mostly favor the rich across states this year
That includes Kentucky
By KEVIN HARDY
Missouri Republicans may take their tax-cutting efforts to new heights this year as lawmakers consider exempting profits the sale of stocks, bonds and real estate from state income taxes.
Part of a broader push to eliminate the state income tax altogether, legislation making its way through the Capitol would provide an unprecedented benefit to the wealthy by excluding capital gains, the long-term earnings from the sale of assets. If approved, tax experts say, the legislation would mark the first time a state with an income tax has eliminated capital gains tax.
The Republican sponsors say the move would make the state more attractive for businesses and families.
“This bill is intended to energize Missouri’s economy,” Republican Speaker Pro Tem Chad Perkins said upon introducing the measure.