The typical Missouri household might have relatively little to gain from a Senate-endorsed overhaul of the state's tax policies.
The proposed mixture of income tax cuts and sales tax hikes could save a few dozen dollars annually for a family of four earning just slightly more than Missouri's median household income of about $45,000.
Wealthier taxpayers, particularly those running their own businesses, might save a lot more. Yet seniors reliant on Social Security benefits could pay more.
Originally published on Thu February 28, 2013 7:16 pm
The Missouri Senate spent several hours last night working on a wide-ranging tax credit bill, which they gave first-round approval to at around 3:30 this morning.
Senate Bill 120 would drastically cut incentives for Historic Preservation and low income housing. Historic Preservation tax credits would be capped at $50 million a year, instead of the current $140 million, and low income Housing incentives would be capped at $55 million a year. Senator Jamilah Nasheed (D, St. Louis) criticized the move.