Mo. Finances to Take Hit From Higher Federal Tax

7 years 6 months 23 hours ago Wednesday, January 09 2013 Jan 9, 2013 Wednesday, January 09, 2013 8:48:00 AM CST January 09, 2013 in News
Source: Associated Press
By: Associated Press

JEFFERSON CITY (AP) - Missouri's finances could take a $60 million annual hit because of a recent 2 percentage point increase in federal Social Security payroll taxes.

State budget director Linda Luebbering says the lost revenues resulting from the federal Social Security tax already had been taken into consideration for budget projections. She says the reduced revenue should not come as a surprise to state officials.

The Social Security tax reverted to 6.2 percent this month after the expiration of a 2 percentage point cut that had been in place for a couple of years.

A rise in federal taxes results in a decrease in state taxes, because people can claim their federal taxes as a deduction on their state income tax forms.

More News

Grid
List
COOPER/BOONE/CALLAWAY COUNTY - Crews will begin striping work on I-70 on Sunday, and the work will continue into August. ... More >>
1 day ago Friday, July 10 2020 Jul 10, 2020 Friday, July 10, 2020 8:01:00 AM CDT July 10, 2020 in News
(CNN) -- Kansas City Chief's player Mitchell Schwartz spoke out on Thursday about DeSean Jackson's anti-Semitic social media posts ,... More >>
1 day ago Friday, July 10 2020 Jul 10, 2020 Friday, July 10, 2020 6:45:00 AM CDT July 10, 2020 in News
As COVID-19 continues to spread, KOMU 8 will continue to update you about impacts in the community. You can... More >>
1 day ago Friday, July 10 2020 Jul 10, 2020 Friday, July 10, 2020 4:29:00 AM CDT July 10, 2020 in News
CALLAWAY COUNTY - Deputies have identified the man whose body was found near Millersburg on Thursday as 31-year-old Ervin Hayes... More >>
1 day ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 7:36:00 PM CDT July 09, 2020 in News
BOONE COUNTY- Businesses outside the city limits of Columbia are now having to decide what to do about the mask... More >>
1 day ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 6:33:00 PM CDT July 09, 2020 in News
COLUMBIA - The COVID-19 pandemic changed a lot about how we live, and unemployment benefits weren't left out. Unemployment... More >>
1 day ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 5:45:00 PM CDT July 09, 2020 in News
JEFFERSON CITY – As cases are beginning to spike, some counties are struggling to keep up with the demand for... More >>
1 day ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 5:38:00 PM CDT July 09, 2020 in News
MOBERLY - The city has acquired what was formerly the Moberly Junior High School, and now is working to figure... More >>
2 days ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 2:42:00 PM CDT July 09, 2020 in News
COLUMBIA — Columbia Parks & Recreation will host a public input meeting tonight to discuss plans for a new trail... More >>
2 days ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 2:31:00 PM CDT July 09, 2020 in News
COLUMBIA - People have been busy buying masks to prepare for the mask ordinance taking effect Friday, and businesses are... More >>
2 days ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 1:51:00 PM CDT July 09, 2020 in News
MCDONALD COUNTY - An Amber Alert issued in McDonald County was cancelled early Friday morning at 12:30 a.m. Both victims,... More >>
2 days ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 1:14:00 PM CDT July 09, 2020 in News
JEFFERSON CITY - The final amount of insurance claims reported after the May 2019 tornadoes has amounted to nearly $190... More >>
2 days ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 1:06:00 PM CDT July 09, 2020 in News
BRANSON - When Kanakuk Kamps, a prominent network of Christian camps in Missouri, opened their five overnight camps on May... More >>
2 days ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 11:24:00 AM CDT July 09, 2020 in News
As COVID-19 continues to spread, KOMU 8 will continue to update you about impacts in the community. You can... More >>
2 days ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 10:56:00 AM CDT July 09, 2020 in News
WASHINGTON (AP) — The Supreme Court on Thursday kept a hold on President Donald Trump’s financial records that Congress has... More >>
2 days ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 9:45:00 AM CDT July 09, 2020 in News
ST. LOUIS (AP) — Police are investigating after three people were shot at a popular downtown St. Louis outdoor attraction.... More >>
2 days ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 9:20:00 AM CDT July 09, 2020 in News
KANSAS CITY, Mo. (AP) — Police in Kansas City are investigating the death of a woman they say was standing... More >>
2 days ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 9:19:00 AM CDT July 09, 2020 in News
COLUMBIA- MU Health Care is set to open another drive through testing site located at Mizzou North. Staff at... More >>
2 days ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 8:47:00 AM CDT July 09, 2020 in News
Columbia, MO
Broken Clouds 94°
5pm 90°
6pm 89°
7pm 87°
8pm 88°