Some Missourians over age 62 will soon get tax cuts on their Social Security benefits. Gov. Matt Blunt is touring the state on Thursday to ceremonially sign legislation that will gradually exempt most Social Security benefits from state income taxes, starting this year and being phased in through 2012.
The legislation contains a similar tax break for people who opted out of Social Security for their pension systems. That includes teachers, firefighters, police officers, military personnel, federal employees and railroad workers. Once it's fully phased in, the tax cut is estimated to cost the state $154 million.
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