As a Republican lead legislature, we look for ways to decrease the burden of taxes on every household and at the same time respond to the services you want and need. In the collective view, we all …
This item is available in full to subscribers.
We have recently launched a new and improved website. To continue reading, you will need to either log into your member account, or purchase a new membership.
If you are a current print subscriber, you can set up a free website account by clicking here.
Otherwise, click here to view your options for becoming a member.
Please log in to continue |
|
As a Republican lead legislature, we look for ways to decrease the burden of taxes on every household and at the same time respond to the services you want and need. In the collective view, we all share the cost of supporting government programs. If tax revenues continue to decease and new legislation is written to further reduce our current tax burdens, what government programs, if any, would you like to see reduced or replaced. Fiscal responsibility is the Missouri House of Representatives’ primary responsibility. As the new legislative session approaches and caucus priorities are discussed, your opinions are important to me.
Here’s an update on Missouri general revenue collections. The net general revenue collections in the state for September of this year decreased by 4.2 percent compared to the same month in 2022, dropping from $1.26 billion to $1.21 billion. For the current fiscal year, net general revenue collections decreased by 2.9 percent compared to the same period in 2022, falling from $3.24 billion to $3.14 billion.
When looking at the breakdown of tax types:
• Individual income tax collections declined by 8.8 percent for the year, going from $2.18 billion to $1.99 billion. They also decreased by 6.3 percent for the month.
• Sales and use tax collections increased by 15.4 percent for the year, rising from $768.0 million to $886.2 million. This marked an 11.1 percent increase for the month.
• Corporate income and corporate franchise tax collections dropped by 8.9 percent for the year, decreasing from $259.7 million to $236.7 million.
• Refunds increased by 14.9 percent for the year, going from $166.3 million to $191.0 million, showing a substantial 28.8 percent increase for the month.
You can email us at bruce.sassmann@house.mo.gov or call Jill Ryals at 573-751-6668. We look forward to hearing from you.