Missouri Senators Back $500 Tax Refund For Individuals. Here’s Hoping

Hopefully all of you filed your taxes.  Some of you probably owed, some of you may have received a refund.  I know anytime you can get a few bucks that perhaps you were not expecting, it is a good thing and hopefully it can be put too good use.  If I am one of the lucky ones who will get this refund from the state, it will help pay off some purchases I made for my apartment when I moved in.

Many Missouri taxpayers could get a one-time refund of up to $500 per individual under a plan endorsed by state senators as a way to help offset inflation while whittling down a state surplus.

The Senate proposal is similar to one passed previously by the House but would apply to fewer people at a lower cost to the state. The plan still needs a final Senate vote to go to the House and then on to Gov. Mike Parson.  You can read more on the specifics HERE.

It does sound like it will go to families that are more high income earners,  and if that ends up being true, it is disappointing. If you are making 6 figures, an extra $500 refund may not seem like a big deal.  But if you fall into the middle class or lower class area of earners, or live paycheck to paycheck like many Americans, $500 can make a HUGE difference.  It certainly will go back into the economy and not into savings.  We will see it happens.