Missouri legislature passes tax cut over Jay Nixon’s (D) veto.

Jay Nixon’s petulant veto.

The new law is designed to gradually reduce Missouri’s top individual income tax rate — currently charged on all income over $9,000 — from 6 percent to 5.5 percent. It also phases in a new 25 percent deduction for business income reported on personal tax returns. Each incremental cut would occur only if state revenues grow by at least $150 million over their high mark from the previous three years.

Jay Nixon’s hysterical, screaming veto.

Economists at the University of Missouri-Columbia have estimated that the tax cut will eventually reduce state revenues by $620 million annually. But Nixon asserted it could punch a $4.8 billion annual hole in the state budget. He contends the bill’s wording could be interpreted to eliminate taxes on all income over $9,000, though Republican legislative leaders have called that “absurd.”

If you’ve ever wondered what a politician looks like when the legislative equivalent of a heroin withdrawal program is implemented, take a good gander at Governor Nixon over there.  He’s been chasing that particular dragon for quite a while, it looks like – and it looks like ol’ Jay thinks that Daddy still needs his fiscal medicine. [sigh]  Don’t do taxes, kids.  Sure, it’s a great high, but you end up needing more and more to get the same effect, and it’s never as good as the first time…

Moe Lane

Scott Walker’s War on Wisconsin continues!

Does Scott Walker not understand that all that tax money belongs to the State?

The ($531 million) tax decreases — the third round of cuts by Republicans in less than a year — passed 17-15 with GOP Sen. Dale Schultz of Richland Center joining all Democrats in voting against the proposal. The proposal now goes to the Assembly, which passed a different version of the tax cuts last month with two Democrats joining all Republicans in supporting it.

With growing tax collections now expected to give the state a $1billion budget surplus in June 2015, Walker’s bill will cut property and income taxes for families and businesses, and zero out all income taxes for manufacturers in the state.

Continue reading Scott Walker’s War on Wisconsin continues!