Missouri revenue grows without tax cuts
11/04/2013 9:46 AM
11/04/2013 9:48 AM
The state of Missouri says revenue collections for the first four months of the fiscal year are up 2.5 percent, compared with a similar period a year ago.
As astute readers will note, that compares with a drop of 8.5 percent for Kansas revenues over the same four months, compared with 2012.
Kansas argues the revenue drop means more money in taxpayers’ pockets.
But this summer’s veto-session critique of Missouri’s tax structure — that without tax cuts, the state’s economy would stall — appears less persuasive now.
Missouri enacted no major new tax increases for FY 2014. That means the additional revenue can be attributed, at least in part, to growth in the economy.
Kansas, by contrast, cut taxes in January 2013 as an effort to spur jobs and growth. So far, the state’s slump in revenues suggests the cuts have had less impact than predicted.
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