Independent of party ties!
Business/corporate income tax:
Missouri has one of the highest tax business tax rates of any of the surrounding states (6.25%). This forces big business; mainly manufacturing facilities that bring with them huge numbers of well paying jobs to go elsewhere. These businesses going elsewhere to expand and invest means that (other than the small amount of growth of existing companies) there is virtually no new investment. When new investment is at a minimum, and the economy is ignored, stagnation occurs.
Economic growth in MO has been at a standstill. There is but one way to turn this around: Missouri must become the most business friendly, inviting place to run a business, more so than any of our neighboring states. One of the ways to accomplish this goal is to revisit the business income tax code. The business tax code includes, unemployment tax, regulatory taxes, cigarette tax, franchise tax, withholding tax, and even partnership taxes.
I know a small business owner that works hard to make ends meet and does his best to please his customers while turning a profit at the same time. His business last year profited a mere $41000, and had to pay more than $9000 of that in taxes. Oppressive taxation like this is why the economy in Missouri is stagnating.
For us to gain the ability to compete in the market we need to make Missouri more inviting for businesses setting up shop and expanding instead of watching our neighboring states enjoy the growth. Missouri can become what she needs to be in the business market, and provide the environment that is needed by those who want to operate businesses here. We simply need to change the tax structure and make our state more business friendly.
Individual Income tax:
Income tax in and of itself is a deterrent of productivity of an individual. The way the income tax structure is set up penalizes an individual based upon income. To some extent this is unavoidable, since we all have to contribute to public safety, infrastructure, education and transportation, to name a few, and justly so, for we should all look for the common good in certain areas.
However, the existing system is flawed, and needs to be changed to bring fairness. I am not suggesting that the so called “rich” pay more. I am suggesting that if the state income tax system that exists (in which the people which make $9000 per year sit in the highest tax bracket) be revisited, and even eliminated.
My proposal is to eliminate income tax and sales tax on basic necessities such as food, medicine and clothing. The abolition of Income Tax will require replacement. This can be achieved by Consumption Tax on items other than basic necessities. The benefits will be far reaching for families who live frugally, allowing them to save without penalty, and without state income tax being withheld, workers will notice a boost in their paycheck.
"Taxation to a certain point is not only proper but useful, because by stimulating the industry of individuals it increases the wealth of the Community. But when Taxes go so far as to intrench on the subsistence of the people they become burdensome and oppressive. The expenditures of money ought in such case to be (if possible) avoided, and if unavoidable, it will be most wise to have recourse to loans." Robert Morris 1872
Citizens for William Lee