Missouri House Bill 594, aimed at abolishing capital gains tax in the state, has been approved by the state House of Representatives and awaits Governor Mike Kehoe's approval. The bill, as explained by attorney Aaron Brogan, allows for a complete income tax deduction on capital gains income due to the lack of differentiation in the Missouri tax code. Brogan highlighted the uniqueness of the bill's approach to exempting capital gains taxes, drawing parallels to a similar provision in the federal tax code. This development coincides with President Trump's proposals for tax reform, including the use of import tariffs to offset or replace federal income taxes. Despite the potential benefits outlined by Trump, the market has responded negatively to the tariff announcements, resulting in significant losses in both stock and crypto markets, as well as a spike in bond yields. Read more AI-generated news on: https://app.chaingpt.org/news