Advantaging Affluence: A Distributional Analysis of Missouri HB 798’s Uneven Tax Cuts for Wealth and Work

Advantaging Affluence: A Distributional Analysis of Missouri HB 798’s Uneven Tax Cuts for Wealth and Work

Summary The Missouri House of Representatives recently passed a bill, HB 798, making a variety of changes to Missouri tax law. The bill reduces personal and corporate income tax rates, fully eliminates taxes on capital gains income from sale of assets, and eliminates the state’s modest Earned Income Tax Credit that assists many working people in lower-paid jobs. HB 798 would radically transform Missouri’s income tax code into a system that privi…