Missouri Governor Jay Nixon on Wednesday vetoed legislation to sharply reduce corporate taxes that lawmakers said would help Missouri compete with neighboring Kansas and other states, saying the reductions would jeopardize critical state services.
"With a price tag of $800 million, this legislation is an ill-conceived, fiscally irresponsible experiment that would hurt our economy and jeopardize funding for vital public services," Nixon said in a statement accompanying his veto message.
Representative T.J. Berry, a leading Republican sponsor of the bill, said on Wednesday, however, that Nixon was exaggerating the impact of the proposed cuts, which would only apply in years when tax collections were up by certain amounts from prior years.
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