September 7, 2010

News Article

Tax Overhaul Plans (2010-01-11)

As the 2010 legislative session gets under way, lawmakers (and others) are explaining their plans to overhaul the state tax structure. Some proposals would provide desperately needed additional revenue for chronically underfunded vital state services, and even call on the better off among us to pay our fair share. Others, unfortunately, would be truly terrible.

Rep. Jeanette Mott Oxford plans to introduce her tax fairness bill again this year. In one sentence: the top 40% of current Missouri income tax payers would pay more (though not much more until you reach the millionaire bracket), the bottom 60% of current tax payers get a tax cut, and the state would have over one billion dollars in additional annual revenue to pay for vital services that benefit the common good.

Rep. Oxford was interviewed about her bill on KWMU radio in St. Louis last week. You can listen to that interview by linking here.

At the other end of the scale, the untested plan to repeal all corporate and personal income tax and replace them with a sky-high sales tax on everything you buy, including prescription medication, doctor fees, hair cuts, funeral services and so on, has been filed in the House by Rep. Ed Emery; HJR 56.

Senate President Pro-Tem Charlie Shields has scheduled a seminar on tax policy, in which the concept behind HJR 56 is expected to be a major component, for tomorrow (1/12) in SCR 1 & 2 in the State Capitol at 10:30 a.m. We will report on this later in the week.