Missouri Senate follows Kansas down budget rat hole
Lewis DiuguidLemmings in the Missouri Senate have followed Kansas’ lead passing a tax cut bill of more than $1 billion.
The legislation drops the top income tax rate to 4.5 percent from 6 percent, cuts the corporate tax rate to 4.75 percent from 6.25 percent and creates a 50 percent tax deduction for all businesses phased in over five years, The Kansas City Star reports.
The Republicans have just that one trick pony — cut taxes. It is a bad piece of legislation destined to hurt services, shift the tax burden onto everyday residents and make taxes more regressive.
If the bill becomes law, Missouri will be a lesser state because of it. Don’t expect federal help after Republicans force everyone in the state to drink the GOP Kool-Aid.
George Hunsucker
Northland
3 months, 3 weeks agoEarth to lewis…. the federal government has NO MONEY to help… when will you libs realize that?????
This is just an attempt by MO to regain its competitiveness. Now, we also need a right-to-work law!!!!
Matt Henry
3 months, 3 weeks agoOne trick pony. You might consider taking that deep and longing look in the mirror you need so badly, Lewis.
Oh wait, you’re a two-trick pony. Liberalism and racism. Way to go!
Mark Hastert
3 months, 3 weeks agoAs with Kansas, sales and property taxes will have be used to address the shortfall meaning that every dime middle and lower income families make will be taxed because they spend a greater percentage of their income on the purchase of necessities. The only way to make this fair to all would be to put a sales tax on the things the rich buy like investments etc but there’s no chance of that happening because cutting taxes for the wealthy is the whole point of these initiatives. It’s too bad for MO. We had a good chance of KS residents moving over when Shawnee Mission & Blue Valley schools tanked. Every purchase will soon cost us a 20% or more lug. Our property tax bills will go up so it would be folly to think that our taxes will actually go down Rex Sinqefield’s, yes but our’s, not a chance.
Matt Henry
3 months, 3 weeks agoHow many times do tax revenues have to go up after tax breaks for the “rich”, or how many times to do jobless rates have to go down, before the left stops marching to this flat drum?
Somebody write down Mark’s predictions, let’s readdress in a couple of years, and see if he is right. Anybody want to hold their breath?
I love the amorphous use of the term ‘fair’. It’s so in the eye of the beholder, but so obvious to the class warrior elitists among us.
Kent Mueller
3 months, 3 weeks agoMark…a sales tax on investments? Really? Why does the left not understand capital formation?
The Shawnee Mission and Blue Valley schools tanked? Really? When did that happen?
George Hunsucker
Northland
3 months, 3 weeks agoI am sure people in KS are going to be just flocking to KC to attend their high-performing schools…
Libs are such a hoot……
Mark Hastert
3 months, 3 weeks ago“Mark…a sales tax on investments? Really?”
and why not? They want to tax us on everything else we buy. I, tried to make the point before that consumption is as important if not more important to the economy as trading stocks. The assertion that “investing” is better is nothing but a con. When we trade stocks most of the time it’s nothing more than gambling. Most if the time the stocks are traded between different individuals, the enterprise is not “forming capital”. So yes tax the sale like any other and the “winnings” as ordinary income. A sale is a sale and income is income.
Kent Mueller
3 months, 3 weeks agoMark, you have a very odd interpretation of the markets. You act as if stocks traded in the secondary market have no affect on the company itself. The market based value of the shares have a lot of affect on the the economic opportunities of the company.
No one said that investing is better than buying. But, it is different. There is no con there, Mark.
Please don’t include others in your “we” when you say that most of the time stock trades of gambling. If that is your approach to the market, then that is your choice.
Obviously, you don’t have an inkling as to how cap gains taxes affect capital. One of the biggest increases in cap gains taxes paid was following the Reagan decrease of those cap gains taxes. The penalty of cap gains taxes keep capital bottled up in inefficient investments artificially by having an artificial expense associated with the sale.
And saying that stock traders don’t add to the market’s proper functioning shows a lack of understanding as to how the traders provide the much needed liquidity in the market to allow trades on a second by second basis.
Are you also in favor gains made from the sale of your home to be ordinary income? Most consider their home an investment.
Matt Henry
3 months, 3 weeks agoYou’re wasting your time. When a person’s ideology is based on absolutely nothing other than class envy and radical egalitarianism you can’t argue facts and logic. You can’t point to increased government revenues when investments are encouraged. You can’t point to a higher standard of living for most people if one person, no matter their skills and efforts, live better than another.
The goal of someone with that mindset is not prosperity. Far from it. The mindset is control.