Citations

The exemption could reduce state revenues by around $600 million each year, according to the Institute on Taxation and Economic Policy, roughly equal to the cost of funding 11,000 public school teachers’ salaries. Read more. 

Conservative lawmakers’ preference to cut taxes is nothing new, but Missouri state lawmakers are currently considering a tax measure that would privilege the state’s wealthiest individuals in ways no other state with an income tax has done—by fully exempting all capital gains income from taxation. This change would exacerbate an already regressive state tax system, forcing low- and middle-income Missourians to shoulder a larger share of financing for state public services.

Governor Parson’s recently released tax proposal would leave out about one-third of Missourians, including many of those who pay the highest proportion of their income in state & local taxes, and set the state up for a Kansas-like budget bomb that would require significant cuts to schools, public safety, healthcare, and other critical needs. Read […]

An analysis by the Institute on Taxation & Economic Policy found that 91% of the tax cut would flow to the wealthiest 20% of Missourians.

A state Earned Income Tax Credit (EITC), like the recently proposed Missouri Working Families Credit, could benefit as many as 515,000 working families with modest wages, providing hardworking families the ability to achieve a better future and a pathway to the middle class. By making the credit refundable, like the federal EITC and most other […]