Petition For 2014 Ballot Calls For Income Tax Reductions

Photo Courtesy of Creative Commons
Photo Courtesy of Creative Commons

A new initiative petition wants to change the Missouri Constitution’s language on income tax collections to reduce rates and make it harder to raise them again. Missourians have until Dec. 21 to comment on the proposal, while Secretary of State Jason Kander and his staff, along with the attorney general’s office, determine if the proposed petition meets the legal requirements for its form.

While the Constitution now allows the General Assembly to set income tax rates, the amendment proposed by the group Grow Missouri would make specific rates that could be changed only by a future constitutional amendment. The proposed rates would go into effect on Jan. 1, 2015 — if adopted in the Nov. 4, 2014, election — and would be set at 3 percent for individuals with taxable incomes up to $15,000 a year ($30,000 for married couples) and 4.9 percent for taxable incomes above those levels. Missouri’s current top tax rate is 6 percent.

Read more from the Jefferson City News Tribune


Tags:, , , ,

Have you heard?

Missouri Business Alert is participating in CoMoGives2019!

Find out how we plan to use your gift to enhance training and programming for our students

Learn more