Jacology: Missouri Thinking About Cutting Income Tax And Raising Sales Tax
(KPLR) – Are you ready for Missouri to cut money for schools and roads and public safety? In Wednesday’s Jacology, Charles Jaco says all of that could be coming:
The Missouri legislature is poised to do something profoundly stupid. This is sort of like saying the Mississippi River is wet, I know. But in this case a majority of the house and the senate in Jefferson City seem ready to do something that raises the bar on lousy policy to a whole new level. They’re ready to blow a hole in schools highways and law enforcement to cut taxes for businesses.
We’ve talked about it before. The proposal working its way through the legislature will slash income taxes for corporations and individuals. To help make up for the money that’d be lost the state sales tax would be raised. And what does the math show? That even with raising the sales tax the income tax cut will gut anywhere from 400 million to 800 million dollars a year from state revenues.
Let’s see now where do we cut to make up for those losses? How about education? The state is already under-funding the state’s schools so slashing more money for kids and teachers would make sense. How about cutting MoDOT? The transportation department’s already cut millions from it’s budget and laid off 500 people. Maybe we can tell drivers to carry shovels and patch their own potholes.
Missouri wants to cut business taxes even though businesses here already pay among the lowest taxes in America. If low taxes haven’t already lured business to come to Missouri even lower business taxes won’t help. This plan will just gut basic services here and move Missouri one step closer to becoming Mississippi.
I’m Charles Jaco and that’s Jacology.