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Thursday, 27 February 2014 10:49

Missouri tax break could be on horizon

JEFFERSON CITY, Mo. (AP) - The Missouri House has passed legislation that could lower the tax bill for many Missourians by linking the state's tax brackets to inflation.
 
A bill approved on a 146-4 vote would require Missouri's individual income tax brackets to be adjusted annually for inflation starting in 2015.  Legislative staff estimate that would reduce state tax revenues by $26 million when fully in effect.
 
Although state tax rates have changed over time, Missouri's top income tax bracket has been set at $9,000 since 1931. That means all income over that amount currently is taxed at the same 6 percent rate.
 
The tax-bracket legislation now goes to the Senate. It's one of several measures lawmakers are considering this year that would reduce state income taxes.
 
Published in Local News
JEFFERSON CITY, Mo. (AP) - Wages will rise for Missouri's low-income workers and taxes will fall for some corporations when the new year arrives.
 
Missouri's minimum wage will increase for about 100,000 workers from $7.35 an hour to $7.50. The increase is a result of an annual inflationary adjustment included in a law passed by voters in 2006.
 
The state's corporate franchise tax rate also will ratchet down in 2014. That's the result of a 2011 law passed by legislators that gradually phases out the franchise tax by 2016.
 
Other new laws taking effect Wednesday are the result of bills passed in 2013. Those include additional health screenings for newborns and new benefit entitlements for workers' compensation claims stemming from serious illnesses.
 
Published in Local News
Wednesday, 20 February 2013 02:48

Gas prices continue to climb in STL and elsewhere

Gas prices continue to climb in the metro area and across the country. And there's still no clear reason why.

The St. Louis Post-Dispatch reports that gas prices in the St. Louis area are 20 cents higher per gallon than they were this time last year. A gallon of regular unleaded is running more than $3.60 at most stations on the Missouri side of the Mississippi -- up about 50 cents in the last month. Prices are closer to $3.90 in the metro-east.

Several reasons are being given for the jump at the pump, including maintenance at several refineries and early switch over to summer blends. But the paper reports that commodities speculators may be the real force behind the increase, since they now dominate the oil market.
Published in Local News

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