State Budgets: Missouri Uses Some of Past Surplus But Not Enough to Close Shortfall December 28, 2008 Joseph Bishop-Henchman Joseph Bishop-Henchman In May, legislators approved and Gov. Matt Blunt (R) signed an $8.94 billion budget with a $700 million shortfall, expecting tax growth to continue and to use $833 million in surpluses. Instead, corporate income taxes are down 14%, sales taxes are down 8%, with income taxes basically flat at 1% growth. Gov.-elect Jay Nixon (D) has proposed using $281 million from the surplus to close part of the now-$621 million shortfall and will outline the remainder when he takes office on January 12. More on Missouri here. Stay informed on the tax policies impacting you. Subscribe to get insights from our trusted experts delivered straight to your inbox. Subscribe Share Tweet Share Email Topics Missouri Tags State Tax and Spending Policy