Senate Gives Initial Approval to Extreme Tax Cut Bill Which Would Devastate Missouri Services, Infrastructure, and the State’s Economy
An extreme tax cut proposal, perfected this week by the Missouri Senate would slash Missouri’s general revenue budget by nearly $1 billion when fully implemented, resulting in devastating cuts to services throughout the state. Further, the measure will require state lawmakers to cut $200 million from the FY 2014 budget proposal that is currently being crafted. Instead of spurring the economy, the proposal will severely undermine Missouri’s competitiveness by damaging our ability to invest in the very services that make Missouri attractive to business. As was recently experienced in Kansas, the proposal could compromise Missouri’s bond rating. Instead of trying to match Kansas’ shortsighted tax cuts that resulted in severe budget shortfall, Missouri should invest in what the state needs to improve its own quality of life.