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Senator Weber proposes refundable EITC and temporary 1% surtax on millionaires to fund disaster relief
Summary
Senator Weber said he filed measures to make the earned income tax credit refundable and to impose a temporary 1% surtax on income over $1 million to raise funds for disaster relief, with most proceeds directed to St. Louis recovery.
Senator Weber told the Senate he filed measures that would change tax policy and fund disaster relief.
Weber said one bill would make the earned income tax credit refundable so that broad-based tax relief would benefit low-income Missourians. “This makes the earned in earned income tax credit refundable,” he told colleagues after the bill reading.
On another measure, Weber described a temporary, three-year surtax on high incomes. “It is a temporary 3 year sunset. It is a 1% income tax increase, a 1% income tax increase on income over $1,000,000,” Weber said on the floor. He estimated the surtax would raise about $130 million annually and roughly $400 million over three years. Weber said 75% of the revenue—“roughly $300,000,000”—would be allocated to a disaster relief fund specifically for the city of St. Louis, and the remaining $100,000,000 would fund disaster relief for areas across the state that sustained damage from recent tornadoes.
The transcript records Weber’s floor explanations following the introductions of the related bills but does not show committee referrals, amendments, or floor votes on these measures within the provided excerpt. The bills were placed on the introduction calendar during the extraordinary session.
Quoted material is taken directly from the senator’s floor remarks as recorded in the transcript.
