Greitens seeks 10 percent cut to Missouri income tax rate

JEFFERSON CITY, Mo. - Missouri Governor Eric Greitens traveled across the state for stump for his tax reform proposal. His appeared before a friendly crowd in Palmyra to rally support.

Greitens said his plans will eliminate taxes for 380,000 Missourians.

"Every single dollar that the government spends was earned by a hard-working Missourian and we need to put that money back in your pocket," Greitens said.

The governor called his proposal the boldest state tax reform. He pitched his plan to workers at Doyle Equipment and Manufacturing. They build equipment for fertilizer blending and spreading.

The governor is calling for a cut to the individual income take rate by 10 percent. He said a family of four that makes $40,000 would save $471.

Greitens also wants a Workers First tax credit. A single parent would have to earn less than $44,000 annually to qualify. Some families would receive up to just over $6,400 in a credit.

The governor wants to cut the corporate tax rate by nearly a third, from 6.25 to 4.25 percent. He said he wants to pay for all the cuts by eliminating special breaks and loopholes in the current tax code.

Monty Doyle, the president of Doyle Equipment and Manufacturing, said he already has plans for the corporate tax cut money.

"If it frees up capital, we're going to reinvest in the community with jobs and also new equipment," he said.

Gov. Greitens said he doesn't seem to think those political problems will stop his tax cut proposal from passing.

"One of the things that gives me such strength and confidence is this is a plan that works for working people," he said.

The governor plans to visit three more Missouri communities selling his tax cut proposal Tuesday.