RIVERSIDE, Mo. — Missouri Governor Eric Greitens made a stop locally Tuesday to promote his newly unveiled state income tax cut proposal.
Greitens spoke at U.S. Farathane, a plastics manufacturing company located in Riverside’s Horizons industrial park off Highway 9 near Parkville. The Tuesday, Jan. 30 stop was the end of Greitens tax relief plan kick-off tour, which also made stops in Springfield, Mo. and smaller communities such as Joplin, Palmyra and Macon, Mo.
Riverside mayor Kathy Rose welcomed Greitens to Riverside, pointing out the successes in partnerships that led to the development and continued success of Horizons, a 260-acre industrial park hosting companies such as U.S. Farathane, Vistar Kansas City, Marlen International, Berlin Packaging and more. The first phase of Horizons opened in 2013 and has expanded steadily since.
“This park has become the home to more than 25 new companies, creating 3,500 jobs and occupying more than 3.5 million square feet,” Rose said. “It is not by coincidence or accident that we have been successful. We are successful because we welcome business and we partner with business and we partner with others who believe in business as well.”
Greitens said the successes of businesses such as U.S. Farathane came from a team approach to building success, which he wants to continue. To this end, his proposed tax plan would put “workers first” by implementing a non-refundable credit against tax liability equal to 20 percent of the federal earned income tax credit. It would also cut the corporate income tax rate from 6.25 percent to 4.25 percent and eliminate unnecessary tax breaks and close loopholes.
“This tax plan puts working families first, and it’s a better deal for all Missourians because it rewards businesses for hiring people in Missouri,” Greitens said. “For 380,000 working-class Missourians, this plan would cut taxes to $0. This plan cuts taxes for 97 percent of all Missouri taxpayers. It will help us win new businesses, and stop chasing jobs out of Missouri.
“This is a bold and responsible plan. We believe it is the most well-researched, thoughtful state tax reform effort in America, and I’m proud to lay it out for you in detail. I’m looking forward to working with the legislature and people across our state to get tax relief for Missouri families.”
Greitens said to achieve these results, Missouri should eliminate or alter some tax breaks that are outdated, unfair or unnecessary and close loopholes in the tax code. The tax plan would cut taxes for nearly every Missouri taxpayer and claims to be revenue-neutral, according to an analysis from the Department of Revenue. By eliminating breaks and closing loopholes, the state budget would not be unduly burdened.