Trump promises to revive the state and local tax deduction. In a social media post, Republican presidential nominee Donald Trump said he “will turn it around, get SALT back, lower your Taxes, and so much more.” The Tax Cuts and Jobs Act of 2017, enacted under the Trump administration, capped state and local tax deductions at $10,000. Democratic lawmakers have since advocated for increasing that amount or removing the cap. 

House Democrat introduces TIPS legislation. Rep. Steven Horsford (D-NV) introduced the Tipped Income Protection and Support (TIPS) Act yesterday. The legislation would eliminate federal taxes on tips, a plan advanced by both presidential candidates. The bill would also eliminate the tipped minimum wage – which is lower than the federal minimum wage for most occupations – and cap the exemption at $112,500 in tipped income.. 

Missouri’s general revenue collections have declined in the first months of its fiscal year. The state’s revenue has grown 1.47 percent thus far in fiscal year 2024, compared to 2.74 percent at this point in fiscal year 2023. If the trend continues, state revenue could see a year-over-year decline for the first time in more than ten years.  

The global minimum tax is yet to have much impact on US companies. A Bloomberg Tax analysis finds only four of the 100 largest US multinational companies thus far have reported material impacts from the global minimum corporate tax of 15 percent. The tax went into effect in 40 countries in January. 

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