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Jan. 24, 2014JEFFERSON CITY, Mo. | By: Associated Press (AP)
Gov. Jay Nixon is criticizing an income tax cut plan endorsed by a Missouri Senate committee.
Nixon's office issued a news release calling the legislation a "fiscally irresponsible tax experiment."
The bill endorsed by the Senate Ways and Means Committee would gradually cut the top individual income tax rate from 6% to 5%.
It also would gradually phase in a 50% tax deduction on business income reported on individual tax returns.
Republican Sen. Will Kraus says his bill is a sensible and responsible way to cut taxes, because the incremental cuts only take effect if state revenues continue to rise by at least $100 million.
The Democratic governor says the legislation could jeopardize funding for schools.