Thursday, 07 March 2013 15:22
Gov. Nixon opposes plan to create Missouri sales tax
JEFFERSON CITY, Mo. (AP) - Gov. Jay Nixon is opposing a tax overhaul plan backed by the Missouri Senate because it contains a sales tax increase.
Nixon said Thursday that the proposed one-half cent sales tax hike would be especially harmful to seniors and veterans on fixed incomes and also could also hurt working-class parents trying to provide for their children.
The bill given initial approval Wednesday night by the Republican-led Senate also includes a three-quarters of a percentage point decrease in the state income tax for individuals and businesses. That income tax cut would more than offset the sales tax hike, resulting in an estimated $450 million loss in state revenues once both tax changes are fully phased in.
The legislation needs another Senate vote before it can move to the House.
Nixon said Thursday that the proposed one-half cent sales tax hike would be especially harmful to seniors and veterans on fixed incomes and also could also hurt working-class parents trying to provide for their children.
The bill given initial approval Wednesday night by the Republican-led Senate also includes a three-quarters of a percentage point decrease in the state income tax for individuals and businesses. That income tax cut would more than offset the sales tax hike, resulting in an estimated $450 million loss in state revenues once both tax changes are fully phased in.
The legislation needs another Senate vote before it can move to the House.
Published in
Local News
Monday, 04 March 2013 17:39
Missouri see higher revenues this fiscal year
JEFFERSON CITY, Mo. (AP) - Missouri's revenues are up nearly 9 percent through the first two-thirds of the state's fiscal year.
Figures released Monday by the state Office of Administration show Missouri's finances have improved mainly because of a decline in tax refunds and an increase in individual income tax collections.
Through February, net general revenues were up 8.7 percent compared with the same period a year earlier. The total includes a 5.5 percent increase in individual income taxes and a 16.5 percent decline in tax refunds. Sales tax collections have remained relatively flat for the fiscal year.
Missouri's 2013 budget year began last July and runs through the end of this June.
Tax collections in February alone were virtually unchanged from February 2012. But for the entire fiscal year, collections were up $394 million.
Figures released Monday by the state Office of Administration show Missouri's finances have improved mainly because of a decline in tax refunds and an increase in individual income tax collections.
Through February, net general revenues were up 8.7 percent compared with the same period a year earlier. The total includes a 5.5 percent increase in individual income taxes and a 16.5 percent decline in tax refunds. Sales tax collections have remained relatively flat for the fiscal year.
Missouri's 2013 budget year began last July and runs through the end of this June.
Tax collections in February alone were virtually unchanged from February 2012. But for the entire fiscal year, collections were up $394 million.
Published in
Local News
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