Greitens announces 'boldest tax plan in America'

Monday morning, the governor stopped at Economy Products in Macon to announce his tax plan. (KTVO File)

Putting working families first - that's the promise of Missouri Governor Eric Greitens.

Monday morning, the governor stopped at Economy Products in Macon to announce his tax plan.

It was the first in a series of stops across the state.

Greitens says this is a "bold and responsible plan."

He also claims this is the "most well-researched and thoughtful state tax reform effort in America."

The governor stresses this initiative would cut taxes to $0.00 for 380,000 working-class Missourians.

"We are cutting taxes for 97 percent of Missourians. What we are doing, is the focus of this tax cut plan is on working families. They are the ones who are going to benefit the most from this plan."

In addition to helping out the working class in Missouri, Greitens says this initiative will encourage more industries and businesses to come to the state.

"I think this is really going to turbo-charge the economy here in the state of Missouri, because a couple of things are going to happen. First, this is good for Missouri businesses and it's going to enable them to continue to hire and invest in their workers here in the state of Missouri. And most importantly, this is great for working families in Missouri. If you imagine a couple that is just starting out, they are making $30,000 a year. Right now, they have to pay over $300 a year to the state of Missouri in taxes. Our tax cut plan wipes out their tax bill entirely."

During Monday's event, Greitens was joined by State Rep. Craig Redmon ( R-Canton) and Rep. Tim Remole (R-Excello).

Greitens says those representatives have worked tirelessly to support his tax plan.

Noticeably absent from Monday's event was State Representative Nate Walker (R-Kirksville). He recently called for Greitens resignation after the governor came under fire for allegations that he blackmailed a woman with a nude photo of her which was allegedly taken in 2015.

Walker told KTVO he was not at the tax plan announcement due to a conflict with his schedule working at the State Capitol in Jefferson City Monday afternoon. However, he said he had planned to attend the previously scheduled tax announcement which was postponed earlier this month.

Details of Governor Greitens tax plan are as follows:

In summary, this plan would -

  • Cut the top personal income tax rate from 59% to 5.3%
  • Implement a "Workers First" tax cut, a non-refundable credit against tax liability equal to 20% of the federal earned income tax credit
  • Cut the corporate income tax rate from 6.25% to 4.25%
  • Eliminate certain unnecessary tax breaks and close loopholes to make this tax reform effort revenue-neutral

The combined effect of those moves would result in the following -

  • Tax cut for 97% of all Missouri taxpayers
  • Tax burden eliminated for 380,000 working-class Missourians
  • The 2nd lowest corporate income tax rate in the country, of the states that have a corporate income tax

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