A Sign of Decline or a Turnaround?

7 years 10 months 2 weeks ago Friday, September 03 2010 Sep 3, 2010 Friday, September 03, 2010 2:02:39 PM CDT September 03, 2010 in News
JEFFERSON CITY - Some new numbers detailing Missouri's August tax revenues are sending some mixed signals. The good news is money from income taxes is slowly but surely increasing again, but overall revenues are still down compared to last year.

Overall the state is still not getting as much money as it did last fiscal year. It's down 1.4 percent from last year. Both personal income and corporate income taxes are up slightly. However, people aren't spending the money they're earning. Sales tax revenues are down 4.2 percent since last year.

One way to raise revenues is to raise taxes.

However, that's something made intentionally difficult in Missouri. The Hancock Amendment to the state's constitution means any increase to state taxes must be approved by the voters.

Tea-party politics aside, both republican leaders and Governor Nixon have made it clear they're content to hold the line on taxes and balance the budget with cuts.



   

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