The Missouri General Assembly is considering a resolution that would allow Missourians to vote on a constitutional amendment to eliminate the state's individual income tax (which has a top rate of 6% on income over $9,000) and corporate income tax (6.25%) and replace the revenue with a broad-based sales tax on all consumer goods and services. The state's current general sales tax rate is 4.225%, and the new rate would be 5.11%. Missouri's current sales tax base includes about 30 percent of all consumer goods and services, according to Dr. Joseph Haslag, Executive Vice President of the Show-Me Institute and the Kenneth Lay Chair in economics at the University of Missouri-Columbia, who discusses the proposal on this week's podcast.
See more on Missouri.
To download the podcast via iTunes, click here.
If you found this material useful, please consider making a donation to the Tax Foundation.Donate
In yesterday's House hearing, the Treasury Inspector-General was asked if he could list which organizations had been targeted by the IRS for delayed approval or harassing questions. He replied that he could not make that...
Recently, Governor Cuomo and the Oneida Indian tribe announced a settlement that would end an ongoing dispute over cigarette taxes between New York and the tribe. Under the terms of the settlement, the Oneida will be...