Governor Nixon: Tax cuts could be 'cataclysmic'

KANSAS CITY, Mo. - Missouri Governor Jay Nixon is calling a proposed income tax cut dangerous and is promising to veto it. And if he does, some lawmakers are vowing to override his veto.

Some republican state lawmakers passed a bill eliminating income tax for everyone in Missouri earning  more than $9,000 a year.

Armed with charts and graphs, Governor Nixon painted the picture of financial doom if the measure becomes law. Speaking at the University of Missouri- Kansas City Tuesday morning, the governor brought in experts who said slashing income taxes would be devastating to our economy and economic recovery.

“The provision would cost $4.8 billion a year when fully implemented, wiping out 65 percent of the state's general revenue budget and ultimately pushing the state of Missouri into fiscal chaos,” Nixon said.

School leaders are also sounding the alarm claiming that schools would lose more than $200 million a year. But republican leaders are saying the school administrators and Governor Nixon are overreacting and exaggerating possible financial consequences.

Right now, the bill is sitting on the governor’s desk. So far he has not vetoed it.

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