Alexandria, VA — David H. Safavian, CPAC General Counsel and Senior Vice President sent the following letter to express CPAC’s support of HCS SS SCS SBs 3 & 5.
As the failed policies of the Biden administration continue to cause rampant inflation and shrink the United States economy, families across America need real relief that grows the economy. As such, the Conservative Political Action Coalition (CPAC) supports HCS SS SCS SBs 3 & 5 to provide meaningful tax reform for Missourians
Specifically, HCS SS SCS SBs 3 & 5 would reduce the top rate of individual income tax to 4.95% beginning with the 2023 calendar year; add an additional 0.15% reduction upon meeting a revenue trigger; authorize three additional 0.1% reductions upon meeting other revenue triggers; and exempt taxpayers’ first $1,000 of income (an increase from the current first $100).
Currently, Missouri has the 26th highest top income tax rate on individuals in the United States. With the passage of this bill, at the onset of 2023, Missouri will improve their standing to the 16th lowest, and 13th lowest when the bill is fully implemented. Enacting these bills would greatly increase Missouri’s competitiveness in attracting investment to the state.
Because tax burdens have significant consequences for all Americans, we have recommended to our sister organization, the CPAC Foundation Center for Legislative Accountability (CLA), to positively score these bills. As such, a vote in favor of HC SSS SCS SBs 3 & 5 to provide meaningful tax relief would increase your CPAC legislative rating. Through both its Ratings of Congress and Ratings of the States, the CLA has held lawmakers accountable by scoring them on legislation that impacts taxation.
CPAC will continue to monitor policy proposals that make their way through the legislature. We ask you to stand strong and provide Missouri taxpayers with meaningful tax relief.
David H. Safavian
General Counsel and Senior Vice President
Read the letter here.
Passed 09/29/22: Missouri passes HC SSS SCS SBs 3 & 5