Missouri reports another bad month for state revenue
JEFFERSON CITY — The state’s tax collections continued their steep decline in October, raising the possibility of more budget cuts.
Budget Director Linda Luebbering reported today that general revenue receipts plummeted 14 percent last month compared to October 2008. The state collected $442.7 million, down from $514.8 million.
That amounts to a 10.8 percent decline for the first four months of the fiscal year, which began July 1.
The biggest drops last month were in sales taxes (down 24.4) and corporate income and franchise taxes (down 26.2 percent). Individual income taxes were down 8.6 percent.
If the trend continues, look for Nixon to be back with his budget ax. The $204 million he cut last week would bring the budget into balance only if revenue drops no more than 4 percent for the fiscal year, Luebbering said last week. That may turn out to be a rosy scenario.
Simple - Raise Taxes. Make those Corporations pay their fair share. Raise taxes on Beer and Cigs. Raise Property Taxes. Tax everything and everybody. Only problem is the Dems apparently think they don’t have to pay taxes.
Bill Richardson – Tax Cheat
Tim Geithner – Tax Cheat
Tom Daschle – Tax Cheat
Nancy Killefer – Tax Cheat
Charley Rangel – Tax Cheat
Kathleen Sebelius – Tax Cheat
Well at least those evil Republicans can pay more taxes.
State budgetmakers have “anorexia by proxy” when it comes to the Missouri budget. The budget is standing there, skin and bones, you can count its ribs from across the room, but the budgetmakers look at it and say, “Just look how FAT it is.”
It is simple: What pays taxes? Business, individuals……and what is Missouri losing? Individuals and businesses…….and what are the powers to be doing about bringing in new business? Nothing, and what brings and or keeps people in the area? Jobs, and what brings jobs, Business. And what keep these things away? Crime, little or no opportunity, lack of attractions, reasonable tax rate and base…. etc. etc. etc.
So we can go on forever with a debate in Jefferson City, but until we clean up our act and release Missouri from its Parochial mentality noting will change for the better…….We are slowly becoming the next Detroit Mich. in KC and STL
Just wondering, what happens after the tax rate reaches 100%?
Start looking at each division of the state and start there.
I would definitely start with the Insurance, Financial Institution and Professional Registration.
There are plenty of ways to balance a budget. Charging Insurance companies a little more of their cost of audit each 3-5 year period. Also there is some dead weight in the insurance department. Keep looking
I love how the right likes to point fingers at Democrats being tax cheats. Why would the Republicans complain about paying taxes? They get kickback and bribes. Paying their taxes is a front.
Wait, didn’t Missouri receive almosty $4 billion dollars in stimulus money? Wasn’t that money supposed to go to creating jobs that would boost income levels and result in more revenue from sales and income tax? To bad Missouri and Governor Nixon used the money to make payroll, because now time has passed and nothing has been created so the state finds itself in the same spot it was in before.
I wonder why we have millions of illegal immigrants streaming across the border while we continue paying millions of able bodied Americans welfare? And the taxpayers continue to pay for both and the associated crime?
The system is finally collapsing under the weight of its own corruption.
We’re the “show me state”. I guess that means we have to wait and see what everyone else does first.
Missouri Conservative- Without the stimulus money Missouri would currently be facing a 1.2 billion dollar defeceit. Considering that in order to save just $200 million Governor Nixon decided to layoff hundreds of state employees, I would say the stimulus money that is being spent is saving lots of jobs. I can only imagine what mess we would be in without it.
So far as people like one Jim who are suggesting that taxes will climb to 100% (is anyone proposing anything like that?), let me point out that Missouri has the lowest tax rate of any of its neighbors. What is that low tax rate getting us? Poor infastructure. Bad roads, poor schools, tens of thousands of uninsured children. Of course our low tax rate has attacted business like walmart, but according to a report released last week, the state tax payers are paying to insure thousands of walmart employees and their families who are on state assistance.
It is time for Nixon to start talking about real solutions to the real problem. Missouri does not raise the revenue to provide the services that our citizens demand and deserve.