St. Louis businessman and billionaire financier Rex Sinquefield says he’s disappointed that state lawmakers did not prioritize eliminating Missouri’s state income tax before adjourning the legislative session Friday.
Sinquefield,who has funded numerous efforts to cut the tax, discussed Missouri’s economy Tuesday in Columbia with members of a conservative think-tank called Show-Me Institute.
“If you have an income tax in your state you are going to be doomed to slow growth,” said Sinquefield. “… The general assembly should do everything it can to get rid of the earnings taxes in St. Louis or Kansas City before someone brings a federal suit and these taxes are just taken away overnight without a replacement vehicle.”
Sinquefield also discussed the upcoming gubernatorial election. He’s already donated $1 million to Republican Catharine Hanaway, but if she doesn’t receive the GOP-nomination, he says he’s not sure who he will back.
Despite being known for supporting Republicans, Sinquefield did donate to Chris Koster, a Democrat, during his 2008 campaign for attorney general. He didn’t say if he’d consider backing Koster for governor in November, but he did praise his stance on business.
Sinquefield also says he plans to donate to Republican Roy Blunt for Missouri’s U.S. Senate seat.
Read more: St. Louis Public Radio