Tax cuts advance at the Capitol

(AP) — Missouri senators on Tuesday gave first-round approval to a bill to cut state individual income taxes as called for by Republican Gov. Mike Parson.

The GOP-led Senate’s compromise plan would immediately cut the top income tax rate from the current 5.3% down to 4.95%. Parson had asked lawmakers to take the top tax rate to 4.8%.

In his special session call, Parson also directed lawmakers to increase the standard deduction by $2,000 for single filers and $4,000 for couples. He limited tax cuts to a maximum $700 million price tag per year.