MO Lawmakers: Lower Taxes, Broaden Sales Tax Base?
Kansas City News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Missouri House Advances Income Tax Phase-Out, Approves New Sales Tax Exemption
The Missouri House took a significant step towards eliminating the states individual income tax by advancing a constitutional amendment that would allow for expanded sales taxes on goods and services to compensate for the lost revenue. However, the same chamber also approved a new sales tax exemption for equipment and materials used by contractors for certain public improvements owned by the government. This move highlights the push for lower income taxes alongside a reluctance to fully broaden the sales tax base, as exemptions like the new one shrink the pool of taxable items. Lawmakers are facing tough budget choices, aiming to avoid deep cuts to programs for the disabled and foster kids while fast-tracking a bill for a new prison that could cost nearly one billion dollars. The real question is whether the state can honestly balance these tax shifts without magical thinking on the budget math.
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