Podcasts & RSS Feeds
Mon March 18, 2013
Analysis: Mo. Senate bills could raise tax revenue
The Missouri Senate has passed an unusually large number of tax cuts, credits, deductions and increases at the midway mark of the legislative session.
The bottom line could be a net gain in state revenues, if all the proposed changes become law.
A calculation prepared for The Associated Press by former legislative tax analyst Brian Schmitt shows that Missouri may reap $355 million in 2016, with that gradually decreasing to $118 million by 2019.
The driving force for the tax gain is a proposed sales tax dedicated to transportation. Other government services that rely heavily on general tax revenues — including schools, prisons and mental health centers — could be left competing for a share of a smaller pool of money as a result of numerous income tax reductions