Tax cut proposals aimed at seniors

Missouri lawmakers have filed numerous bills designed to ease the tax burden on seniors and the retired. Most would not require state income taxes to be paid on Social Security benefits -- a proposal endorsed by both House Speaker Rod Jetton and Gov. Matt Blunt. Here's a look at the various bills:n HB116, 367 and 383: Allow the full cost of premiums for long-term health care insurance to be deducted from state income tax taxes, instead of half the cost. Cost: $2.7 million.

• HB297: Exempts state income taxes on Social Security for married couples earning up to $40,000 annually, instead of the current cap of $32,000 annually. Cost: $4 million.
• HB308 and 636: Exempt all military pensions from state income taxes. Cost $26 million.
• HB243: Exempts Social Security benefits for taxpayers age 65 and older from state income taxes. Cost: $100 million.
• PROPOSAL: Not yet filed as a bill. Lowers the income requirement for property tax credits, creates an earned income tax credit and exempts taxes on Social Security benefits for individuals making less than $42,000 annually or married couples making less than $50,000. Cost: $105 million.
• HB225: Exempts Social Security payments from state income taxes and increases from $6,000 to $18,000 the pension deduction on state income taxes. Cost: $120 million.
• HB444: Exempts from state income taxes all Social Security payments and pensions for teachers and fire and police department employees who opted out of Social Security. Cost: About $160 million.
• HB217: Exempts all retirement benefits and pensions, including from Social Security, from state income taxes. Cost: $275 million.
• HB168: Creates a state income tax credit for people who are at least 65 years old and earn less than $9,570 per year. Cost: unknown.
• SB59: Exempts 25 percent of Social Security benefits from state income taxes. Cost: unknown.

-- The Associated Press