Tagged: sales tax

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.

Missouri's revenues are up nearly 9 percent through the first two-thirds of the state's fiscal year.

Two Missouri state senators are proposing a 1-cent sales tax for 10 years to pay for transportation needs.

Republican Mike Kehoe, of Jefferson City, and Democrat Ryan McKenna, of Crystal City, scheduled a news conference about the plan Tuesday along U.S. 50, several miles east of the of the state Capitol.

Missouri transportation officials say funding for construction and improvements fell from $1.2 billion to less than $700 million during the past year.

Missouri’s November general collections report show a 6.0 percent increase of revenue compared to November of last year.

Holts Summit voters will decide on Nov. 6 whether to renew a 20-year-old sales tax. The .05 percent sales tax is earmarked for capital improvements and if renewed, would continue until 2033.

Holts Summit City Administrator Brian Crane said the city primarily used the original sales tax revenue to build a new sewage system. He said the renewal would expand upon necessary improvements to city infrastructure.