Audio: Missouri revenues stabilizing after wobbly few months as taxpayers see increase in withholding

Great seal of Missouri and US Flag with money

New numbers show state revenues are picking up, but there’s still a 3.2 percent shortage to the state’s bottom line in the current fiscal year. Missouri Budget Director Dan Haug says typically the shortfall would lead to a cut in state services.

 

 

The Missouri Department of Revenue is redoing tax tables because it’s been under withholding state income taxes.  Taxpayers will see an increase in their withholdings soon, but because the adjustment is coming midyear, residents could be hit with an unexpected bill to make up for the previous under collection. Democratic State Representative Deb lavender is worried about the impact. 

 

 

It’s not known if the under collection of taxes is connected to a $70 million shortfall the state is currently experiencing.