Analysis: Mo. Tax Plan May Save Little for Many

6 years 8 months 1 week ago Sunday, March 10 2013 Mar 10, 2013 Sunday, March 10, 2013 7:35:55 PM CDT March 10, 2013 in News
By: Associated Press

JEFFERSON CITY - The typical Missouri household might have relatively little to gain from a Senate-endorsed overhaul of the state's tax policies.

The proposed mixture of income tax cuts and sales tax hikes could save a few dozen dollars annually for a family of four earning just slightly more than Missouri's median household income of about $45,000.

Wealthier taxpayers, particularly those running their own businesses, might save a lot more. Yet seniors reliant on Social Security benefits could pay more.

The Associated Press analysis of the legislation was conducted with the aid of former state budget director Jim Moody and based on hypothetical tax returns prepared by a certified public accountant.

Different estimates have put the eventual cost to the state between $450 million and $950 million annually.

 

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