Missouri
Boosting Incomes, Improving Equity: State Earned Income Tax Credits in 2023
• By Aidan Davis, Neva Butkus
Nearly two-thirds of states (31 plus the District of Columbia and Puerto Rico) have an Earned Income Tax Credit, an effective tool that boosts low-paid workers’ incomes and helps lower-income families achieve greater economic security. This year, 12 states expanded and improved EITCs.
State Rundown 8/10: Pump the ‘Breaks’ on Sales Tax Holiday Celebrations
• By ITEP Staff
August is here, school is starting, and with that comes back to school shopping...
Gimmicky Sales Tax Holidays to Cost States & Localities $1.6 Billion This Year
• By ITEP Staff
Sales tax holidays are bad policies that have too often been used as a substitute for more meaningful, permanent reform.
Sales Tax Holidays: An Ineffective Alternative to Real Sales Tax Reform
• By Marco Guzman
Nineteen states have sales tax holidays on the books in 2023, and these suspensions will cost nearly $1.6 billion in lost revenue this year. Sales tax holidays are poorly targeted and too temporary to meaningfully change the regressive nature of a state’s tax system. Overall, the benefits of sales tax holidays are minimal while their downsides are significant.
State Rundown 7/12: The Mid-Year Legislative Session Roundup
• By ITEP Staff
Most state legislatures have adjourned for 2023, and that means it’s a perfect time to look at the tax policy trends that have formed thus far...
The Highs and Lows of 2023 State Legislative Sessions
• By Aidan Davis
Nearly one-third of states took steps to improve their tax systems this year by investing in people through refundable tax credits, and in a few notable cases by raising revenue from those most able to pay. But another third of states lost ground, continuing a trend of permanent tax cuts that overwhelmingly benefit high-income households and make tax codes less adequate and equitable.
State Rundown 6/14: Summer Breeze & State Tax Policies
• By ITEP Staff
As the sweet days of summer pass, the scent of jasmine isn't the only thing blowing through the minds of state lawmakers, as tax policy discussions remain at the forefront...
States Looking to Make Property Taxes Affordable Should Turn to ‘Circuit Breakers’
• By ITEP Staff
Many state legislatures this year have been considering property tax cuts – but too many are ignoring the solution that speaks more directly to questions of property tax affordability than any other policy option: the “circuit breaker."
States are Talking About the Wrong Kind of Property Tax Cuts
• By Brakeyshia Samms, Carl Davis
Concerns over property tax affordability have been at the forefront this year as housing prices have climbed and property tax bills have often increased along with them. As lawmakers mull a range of property tax cuts, circuit breakers are the best possible approach—and these policies are receiving far too little attention in the states.
State Rundown 5/10: Momentum on State Tax Credits Continues to Build
• By ITEP Staff
This week, in states across the country the momentum to center improvements to family economic security remains strong...
Extending Temporary Provisions of the 2017 Trump Tax Law: National and State-by-State Estimates
• By Joe Hughes, Matthew Gardner, Steve Wamhoff
The push by Congressional Republicans to make the provisions of the 2017 Tax Cuts and Jobs Act permanent would cost nearly $300 billion in the first year and deliver the bulk of the tax benefits to the wealthiest Americans.
State Rundown 5/3: Policy Debates Unfold from Capitol to Capital
• By ITEP Staff
While the conversations on the debt ceiling heat up in the nation's capital, debates on state tax policy also continue to unfold in capitol buildings across the nation...
State Rundown 4/19: Revenue Discussions Heat Up Like the Temperature
• By ITEP Staff
Tax season has ended for most filers, but the topic remains a hot one in states around the country...
State Rundown 4/12: Tax Day 2023 – A Good Reminder of the Impact of Our Collective Investments
• By ITEP Staff
With Tax Day quickly approaching it’s worth taking some time to reflect not just on tax forms (though those are important!), but also on the current state of state tax policy...
State Rundown 4/6: More SALT, Please
• By ITEP Staff
This week, a bill out of Arkansas that would cut the top personal income tax rate and the corporate income tax rate found its way to the governor’s desk...
State Rundown 3/30: A Win for Tax Equity in The Evergreen State
• By ITEP Staff
Over the past week Washington state saw a major victory for tax fairness after the state Supreme Court held the state’s capital gains tax—passed in 2021—constitutional...
State Rundown 3/23: A Spring Awakening of Tax Proposals
• By ITEP Staff
As nature bursts into life and color with the arrival of spring, state tax proposals are doing the same as the legislative seeds planted by lawmakers earlier this year start to grow, blossom, and in some cases rot. However, some governors are not entirely happy with what state lawmakers have produced.
State Rundown 2/23: Tax Dominos Take Shape, Begin to Fall as Session Heats Up
• By ITEP Staff
The 2023 legislative session is in full swing, and dominos continue to be set up as others fall...
State Rundown 1/26: Tax Season Brings With it Reminder of EITC’s Impact
• By ITEP Staff
Tax season has officially kicked off and with Earned Income Tax Credit (EITC) Awareness Day right around the corner, it serves as another reminder for how important the EITC is...
State Rundown 12/15: State Priorities for 2023 Begin to Take Shape
• By ITEP Staff
State leaders have begun to release budget projections for 2023 and a familiar theme has emerged once again: big revenue surpluses, which have many state lawmakers pushing for another round of tax cuts despite the monumental challenges that we as a country face that call for sustainable revenues...
State Child Tax Credits and Child Poverty: A 50-State Analysis
• By Aidan Davis
Regardless of future Child Tax Credit developments at the federal level, state policies can supplement the federal credit to deliver additional benefits to children and families. State credits can be specifically tailored to meet the needs of local populations while also producing long-term benefits for society as a whole
State Rundown 11/10: Midterm Madness
• By ITEP Staff
As states continue to tally the remaining votes and the news stories roll out at a breakneck pace, the unofficial results of the 2022 midterm elections have brought with it significant changes across the state tax policy landscape...
Report: Ten States Hold 71 Percent of America’s Extreme Wealth
• By ITEP Staff
Tackling wealth inequality through the tax code can boost economic opportunity Washington, DC: Wealth inequality is rampant in every state and particularly concentrated in a handful of states, according to a first-of-its-kind analysis released today by the Institute on Taxation and Economic Policy (ITEP). This extreme wealth hinders economic opportunities for all but the […]
The Geographic Distribution of Extreme Wealth in the U.S.
• By Carl Davis
More than one in four dollars of wealth in the U.S. is held by a tiny fraction of households with net worth over $30 million. Nationally, we estimate that wealth over $30 million per household will reach $26 trillion in 2022 with roughly one-fifth of that amount ($4.5 trillion) held by billionaires.
State Rundown 10/5: Forecasting Ain’t Easy
• By ITEP Staff
Although the weather is beginning to cool down in parts of the country, the same cannot be said for many state economies, which are still running hot. That, however, doesn’t mean that the good times are guaranteed to last...
