State Senate approves tax cap amendment at 5.5%

Share To Your Social Network

(Missourinet) – The state Senate has given initial approval to a constitutional amendment on taxation. If approved by voters, the bill from Manchester Republican Andrew Koenig would prevent the General Assembly from setting a state income tax rate above five-point-five-percent.



“It creates an income tax cap. We’ve passed it. The cap was actually at 5.5% so way above where we currently are sitting in statute. It’s at 4.5%. Also, it creates a situation kind of like what I would consider a Wayfair 2.0, allowing the legislature to potentially pass a bill in the future related to that.”

Other provisions include providing exceptions for taxes on subscriptions, licenses for digital products, and online purchases of personal property. The income tax rate for the current tax year is four-point-eight percent. The corporate tax rate is four percent.

Share To Your Social Network
Anthony Morabith

My previous jobs have taught me the importance of news. My last job I had the opportunity to run a news department in Alaska. There, I learned that people didn’t watch the television or read the newspaper, they only had access to the radio, in fact they depended on it for their daily living. Because news is so important when people still depend on broadcast radio, I learned the importance of reporting with accuracy, honesty and doing so without setting some sort of agenda.