Missouri poised to become first U.S. state to exempt stock sale profits from income taxes

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Missouri poised to become first U.S. state to exempt stock sale profits from income taxes

JEFFERSON CITY, Mo. (KMIZ)A bill is heading to Gov. Mike Kehoe's desk that would end income taxes on capital gains.The Missouri House approved HB 594 on a 102-41 vote Wednesday. The bill, already approved in the Senate, would exempt proceeds from sales of assets from income taxes. The legislation was a priority for Republican leadership in the General Assembly.The bill could reduce state revenue by more than $500 million, opponents say.\"The new exemption would send hundreds of millions to Missouri’s wealthiest,\" the think tank Missouri Budget Project stated in a news release. \"[Eighty] percent of this tax giveaway goes to the top ..