|Intro:||Senior and Charity organizations cried out against a proposed amendment that would abolish the income tax Thurday.|
Wrap: Advocates for both seniors and charities came out in force to oppose the mandate at the meeting of the Senate committee on Government oversight.
The amendment, if passed by voters, would eliminate Missouri's income tax and replace it with an across the board tax on goods and services.
Amy Bluin, Executive director of the Missouri Budget Project says people with fixed incomes are going to get short changed.
|Description: "There's the circut breaker that we currently have as a tax credit that is intended to help offset the property tax for seniors, you take that away in this bill, you take that away from seniors."|
Proponents of the amendment say it will be more stable than the current income and property taxes and will provide real incentive for new or relocating businesses.
From the state capitol, I'm Alex Klingelhoeffer.
|Intro:||Missouri fair tax organizations claim a senate measure to abolish the income tax will stop corporate profits from leaving Missouri, Thursday.|
Wrap: Former Representative Edward Robb claims that Missouri's share of US corporate profits have dropped from a high of about 5 percent in 1992 to 1 point 5 percent this year.
|Description: "We've doubled the amount of tax credits that are available to these corporations and we still have seen this decline in the relative share that Missouri represents of their total operations."|
Opponents of the measure which was heard in the senate committee on government oversight say that its sales tax only model will put more of the tax burdon on those who can least afford it.
They add that it only helps those who save or invest large proportioins of their income
From the state capitol, I'm Alex Klingelhoeffer