An IRA (Individual Retirement Arrangement) is a tax-favored savings plan for retirement, available in types like traditional and Roth IRAs. Traditional IRAs offer tax-deductible contributions with taxed distributions, while Roth IRAs provide tax-free distributions. Contributions require taxable compensation and have specific rules for rollovers and distributions.
Governor Mike Parson announced a fifth income tax cut, lowering Missouri's top income tax rate to 4.7 percent. This cut, triggered by the state's strong economy, marks a more than 20 percent decrease in income tax burdens during his administration.
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