Redstate

By simpson316 Posted in Taxes — Comments (1) / Email this page » / Leave a comment »

In national politics, there has been much discussion about Senator John McCain's (R-Az) proposal for a federal gas tax holiday. Well, the State of Missouri has just moved one step closer to getting this done. Yesterday, the Missouri Fiscal Review Committee passed the measure on to the general assembly with a recommendation to pass the bill. [Summary of bill here] It looks like Missouri wants to do some good for its citizens this summer. Does anyone else want to step up?

There is more to the bill to be happy about too. Read on.

The other portion of the bill would be a boon to new business in the state of Missouri, if passed. There are two corporate tax changes in the works. One is a full elimination of state corporate taxes (phased out with a full elimination starting in 2013). The other change is an increase in the deduction on state taxes to 100% by 2013. All of this is sure to encourage new business growth in the State of Missouri.

For those of us who live in Missouri, call your State Representative and urge them to pass this needed tax reform. If you don't know who your Representative is, you can use the Legislator Look-up on the website [You do need to know your full zip code + four digit. There is a link on the site to look that up].

The bill also increases the personal deduction of federal taxes to 100% from the current level of 50%

[H/T to Lee Logan at the St. Louis Post Dispatch's Political Fix Blog.]