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Missouri Taxpayers to Benefit from Historic Tax Cuts in 2023; Department of Revenue Stresses Importance of Updating Withholdings

Missouri Taxpayers to Benefit from Historic Tax Cuts in 2023; Department of Revenue Stresses Importance of Updating Withholdings

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JEFFERSON CITY

With a new tax season underway, the Missouri Department of Revenue (DOR) is encouraging Missouri income tax filers to review important individual income tax changes effective for the 2022 tax year. Before filing, filers may refer to the DOR’s “What’s New?” resource for details on changes to the Missouri standard deduction, the new deductions and credits available and more.

While filers are preparing to file their 2022 tax returns, it’s also important to plan ahead for next year. Under Governor Parson’s historic tax cut legislation that was signed into law in October 2022, nearly all Missouri filers will pay tax at a lower rate in 2023.

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Senate Bills 3 & 5 made several changes to income tax laws in the state of Missouri, including:

  • Reducing the top individual income tax rate from 5.2 to 4.95%; 
  • Eliminating the bottom income tax bracket, allowing Missourians to earn their first $1,000 tax free;
  • Allowing an additional 0.15% top income tax rate reduction to 4.8% when net general revenues increase by $175 million;
  • Eliminating income taxes for individuals making less than $13,000 a year and couples making less than $26,000; and
  • Allowing three additional 0.1% top income tax rate reductions in future years when net general revenue increases by $200 million, adjusted for inflation.

The DOR strongly encourages employees earning wages in Missouri to review their federal and state withholdings annually and whenever a major life change has occurred to determine if their employer is withholding their preferred amount from their paycheck. Missouri wage earners may review their Employee’s Withholding Certificate (Form MO W-4) by completing a “Paycheck Checkup” using the DOR’s withholding calculator.

Employees interested in updating their MO W-4 can request the form from their employer or print one from the DOR website. Employees can then simply submit their updated form to their employer. Following up to confirm the updates are in effect is always a good idea, as is reviewing the form at least once a year thereafter.

Anne Marie Moy, Director of Strategy and Communications
Phone: (573) 751-8222
Email: Annemarie.Moy@dor.mo.gov

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FAA Bill: A High-stakes Showdown on Capitol Hill

FAA Bill: A High-stakes Showdown on Capitol Hill

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In the halls of Capitol Hill, a high-stakes legislative drama is unfolding as lawmakers scramble to pass a critical Federal Aviation Administration (FAA) reauthorization bill before the looming deadline of May 10. This bill, which guides aviation policy for the next five years, is a hefty over 1,000-page document that has sparked intense debate and negotiation among senators.

At the heart of the debate are several contentious issues. One of the most disputed points is whether to increase the mandatory retirement age for airline pilots from 65 to 67, a provision that was dropped from the compromise legislation. Senators have proposed amendments to reinstate this age increase, a move that has further complicated the bill’s passage.

Another contentious issue is the proposal to increase flights at Reagan National Airport, a plan that has been met with resistance from lawmakers concerned about safety and congestion. Virginia Senator Tim Kaine has been particularly vocal in opposing this plan, citing recent near misses on the airport’s runways as evidence of the potential risks.

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Amidst the political wrangling, there are also provisions aimed at improving air travel for consumers. These include efforts to enhance safety, address the shortage of air traffic controllers, and implement new technologies to reduce the training backlog. The bill also seeks to improve the travel experience for consumers by requiring airlines to provide refunds for significantly delayed flights and disclose “critical ancillary fees” before booking.

Despite these wide-ranging provisions, the FAA bill has become a political football in the Senate. With the clock ticking down to the May 10 deadline, senators are under pressure to find common ground on the many amendments proposed. The bill’s negotiators have already made concessions, such as adding an automatic refund component to the bill after an outcry from both sides of the aisle.

As the deadline approaches, all eyes are on the Senate to see if they can overcome these last-minute hurdles and pass the FAA reauthorization bill in time. The stakes are high, with the bill’s passage critical for the future of aviation policy in the United States.

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Mizzou Golfer Jack Lundin Selected for Team USA at the 2024 Arnold Palmer Cup

Mizzou Golfer Jack Lundin Selected for Team USA at the 2024 Arnold Palmer Cup

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University of Missouri and the world of collegiate golf, Mizzou men’s golfer Jack Lundin has been named to Team USA for the prestigious 2024 Arnold Palmer Cup. This selection places Lundin among the top collegiate golfers in the United States, preparing to compete in a Ryder Cup-style tournament against an international team of the world’s best young golfers.

The Arnold Palmer Cup is set to take place from July 5-7, 2024, at Lahinch Golf Club in Lahinch, Ireland. The tournament will feature 48 of the most talented collegiate golfers, with 24 men and 24 women representing both the United States and the International team. This unique event offers an exceptional opportunity for these young athletes to showcase their skills on a global stage, with the honor of representing their countries and universities.

Jack Lundin, a senior at the University of Missouri, has enjoyed a stellar season leading up to his selection for Team USA. He has finished in the top five in 7 of his last 10 tournaments, including each of the last five. This remarkable performance has solidified Lundin’s reputation as one of the top collegiate golfers in the nation, making him a natural choice for the U.S. team.

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The Arnold Palmer Cup, co-founded by Arnold Palmer and the Golf Coaches Association of America (GCAA), has been a prominent event in the golf world since its inception in 1997. Over the years, the tournament has been held at some of the world’s most renowned courses, including The Old Course at St. Andrews and Royal Portrush.

Past participants in the Arnold Palmer Cup have gone on to achieve significant success in the professional golf world, with more than 245 former players earning cards on the PGA, DP World, or LPGA Tours. Among these distinguished alumni are major champions Jon Rahm, Lilia Vu, Wyndham Clark, Allisen Corpuz, and Brian Harman, as well as 2023 FedEx Cup champion Viktor Hovland.

As Jack Lundin prepares to represent the University of Missouri and Team USA at the 2024 Arnold Palmer Cup, the Mizzou community and fans of collegiate golf eagerly await the opportunity to witness his talent and sportsmanship on display at Lahinch Golf Club. With the eyes of the golf world upon him, Lundin’s performance in Ireland will undoubtedly be a highlight of his burgeoning career and a testament to the University of Missouri’s commitment to fostering excellence in collegiate golf.

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Director Chris Wray said the Chinese will have the “ability to physically wreak havoc on our critical infrastructure at a time of its choosing

Director Chris Wray said the Chinese will have the “ability to physically wreak havoc on our critical infrastructure at a time of its choosing

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The FBI says Chinese hackers are preparing to launch an attack on U.S. infrastructure. FBI Director Chris Wray said the Chinese will have the “ability to physically wreak havoc on our critical infrastructure at a time of its choosing.” He stated that the Chinese have the capability to cause physical chaos to critical infrastructure at a time of their preference. Wray mentioned that the Chinese have infiltrated numerous companies in the energy, telecommunications, and water sectors, and have targeted 23 pipeline operators. He stressed that the People’s Republic of China considers all essential sectors for societal functioning as fair targets in their quest for global dominance, aiming to create panic and undermine American resolve through attacks on civilian infrastructure.

In a stark warning issued by the Federal Bureau of Investigation (FBI), it has been revealed that Chinese hackers are on the brink of launching a potentially devastating cyber attack on critical US infrastructure. The alert comes amidst heightened tensions between the two superpowers, with both nations engaging in a complex game of geopolitical chess that has now extended into the digital realm.

FBI Director Christopher Wray made the chilling announcement during a press conference, stating that Chinese government-linked hackers have already infiltrated the nation’s critical infrastructure and are waiting for “just the right moment to deal a devastating blow.” The revelation has sent shockwaves through the cybersecurity community and prompted calls for immediate action to bolster the nation’s digital defenses.

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The FBI’s warning is supported by a series of reports and investigations that have uncovered a concerted effort by Chinese hackers to target key sectors of the US economy, including energy, transportation, and telecommunications. These revelations have underscored the growing sophistication of Chinese cyber espionage and the significant threat it poses to US national security.

In response to the looming threat, the FBI and other US government agencies have urged the private sector to take immediate steps to strengthen their cyber defenses and protect against potential attacks. These measures include implementing robust cybersecurity protocols, regularly updating software and systems, and training employees to identify and respond to potential threats.

Despite these efforts, experts warn that the US remains highly vulnerable to cyber attacks, particularly from well-resourced nation-state actors like China. As such, the FBI’s warning serves as a stark reminder of the need for continued vigilance and investment in cybersecurity measures to safeguard the nation’s critical infrastructure and protect against potentially devastating attacks.

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