Last year, despite the governor’s veto and objections from numerous elected officials, the Majority Party enacted a massive tax cut benefiting the wealthiest citizens of Missouri, without considering the detriment this would place on our state’s future revenue. It’s estimated this will result in a $650 million deficit per year, which happens to be close to the amount we’re currently under funding our school foundation formula.
Adding to the irony of the situation was that while majority members pushed through an ill-conceived tax cut, they also attempted to raise the state sales tax to generate more money for transportation, something that would have severely affected low-income Missourians.
I staunchly opposed that measure. I believe tax policy is a critical component of economic development, but it has to be balanced and weighed against our funding obligations as a state. Our foundation formula for K-12 schools is under funded by half a billion dollars, our highways and bridges are falling apart, and social welfare programs are woefully underfunded to meet current demand.
Unfortunately, it appears we’ll be having the same debate during the 2015 session. Certain members have already filed legislation to further slash taxes. One bill seeks to double the cuts passed last year. We are quickly approaching a point where we’ll be forced to choose between funding our education system for Missouri children or letting multi-million dollar companies claim a 50 percent deduction on their income taxes.
Missouri is in desperate need of a coherent tax policy that supports our true priorities, such as education, safe roadways, and programs that benefit the neediest Missourians. This year, I will continue to push for a common-sense approach to economic development and tax reform measures that don’t impair our duty to support Missouri citizens and the programs they need. |