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Missouri Senate debates repeal of capital gains tax; measure laid over after hours of questioning
Summary
Senators debated a bill to repeal the way Missouri taxes capital gains, with supporters arguing it would spur investment and opponents warning of large revenue losses. After sustained questioning and fiscal concerns, the measure was laid over on the informal calendar.
The Missouri Senate spent hours March 11 debating a proposal to repeal the state''s treatment of capital gains on individual and corporate income, but senators ultimately laid the measure over for further consideration.
Senator from the twentieth sponsored House committee substitute for House Bill 594 and 508, saying the measure "would repeal Missouri's capital gains tax," and arguing the change would spur investment and raise wages by lowering the cost of capital. He told colleagues the fiscal note could not capture the bill''s full dynamic effects: "The money that we send back to Missourians won't…
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