Missouri's Tax Shift: Pros, Cons & Rankings
Kansas City News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Missouri lawmakers are set to vote on Governor Mike Kehoes plan to phase out income tax and increase sales and use taxes. A WalletHub study ranks Missouri 17th lowest in overall state and local taxes, with a total effective rate of 9.95%. The state ranks 29th in real estate taxes, 49th in vehicle property taxes, 17th in income taxes, and 11th in sales and excise taxes. Income taxes contribute nearly two-thirds of Missouris general revenue. However, Kansas City Mayor Quinton Lucas warns that the shift would disproportionately affect low-income families and create budget issues for cities.
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