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The Missouri House has voted to move some of the state's tax burden off of taxpayers' income and on to their consumption. |
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RunTime: | 0:47 |
OutCue: | SOC |
Wrap: The Missouri House passed a bill to cut the state's income tax rates and raise the state sales tax.
St Charles County Republican Doug Funderburk says income tax cuts create a rising tide of economic growth because taxpayers and business owners keep more of their money.
But St. Louis County Democrat Margo McNeal says the plan is a bad idea because the General Assembly would have to go back to the voters to approve a tax increase if the tax cuts turn out to be bad policy.
Actuality: | MCNEALTX.WAV |
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Run Time: | 00:08 |
Description: "There's really not any way for us to increase revenue once its been decreased. That's a very serious thing to think about." |
The House amended the bill to direct most of the increased sales tax revenue to schools, roads and a new state Mental health hospital in Fulton.
Reporting from the state capitol, I'm Nick Thompson.
Intro: |
The Missouri House has moved on a tax cut bill some lawmakers say is needed to keep up with tax policy changes in surrounding states like Kansas. |
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RunTime: | 0:49 |
OutCue: | SOC |
Wrap: The Missouri House passed what started as a proposal in the Senate to cut the state's income tax rates and raise the state sales tax.
The House made a few changes as its plan would direct most of the new sales tax revenue to schools, roads and a new state mental hospital at Fulton.
St. Louis County Republican Andrew Koening says the bill taxes less of taxpayers' income and more of their consumption, which he says is a smart move.
Actuality: | KOETAX.WAV |
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Run Time: | 00:10 |
Description: "consumption is more reliable, even here in Missouri consumption taxes are fifty percent less volatile than income tax. So if your planning to budget, I would think you would want something that is more consistent." |
But Democratic Governor Jay Nixon said in March he won't support the sales tax increase in this legislation because it hurts the poor, who pay a larger share of their income in sales taxes.
Reporting from the state capitol, I'm Nick Thompson.
Intro: |
The Missouri House has passed a bill supporters say is needed to ignite economic growth in the state. |
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RunTime: | 0:49 |
OutCue: | SOC |
Wrap: The Missouri House passed what started as a Senate bill to cut the state's income tax rates and raise the state sales tax.
Poplar Bluff Republican Todd Richardson says the bill will not solve all of Missouri's growth problems, but is a small step Missouri needs to take.
Actuality: | RICHTAX1.WAV |
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Run Time: | 00:11 |
Description: "This is an opportunity for the members of this body to make a decision today that is a positive step forward, that creates a tax structure that's gonna promote growth and investment in Missouri." |
Intro: |
The Missouri House made a few changes to direct any new sales tax revenue to certain sources, but eventually passed a tax overhaul passed by the Senate in March. |
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RunTime: | 0:49 |
OutCue: | SOC |
Wrap: The Missouri House amended a 170 page change to the state's tax code to direct funding from increased sales tax revenue to schools, roads and a new state mental hospital at Fulton.
They made the changes and passed a bill that would cut the state's income tax rates and raise the state sales tax.
But Kansas City area Democratic Representative Jon Carter says the policy change won't have a profound impact on economic growth in Missouri.
Actuality: | CARPTAX.WAV |
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Run Time: | 00:09 |
Description: "I doubt literally a single person will make the decision to come and live in Missouri because we've cut the tax rate from 6 percent to five and one-third percent." |
Supporters say the bill does not cut taxes as drastically as Kansas did last year, but some Republicans joined Democrats in opposition because they were worried about the impact on state revenues.
Reporting from the state capitol, I'm Nick Thompson.