Missouri: New tax structure may prompt ballot initiative as legislators balk
Wrestling with your state income tax return? Missouri legislators are weighing a plan that would do away with that chore. But before you celebrate, be aware that it’s not a tax cut. While state individual and corporate income taxes would be eliminated, the lost revenue would be replaced with a higher sales tax on everything you buy. And that means everything — groceries, rent, new homes, doctor visits, child care, prescription drugs, private K-12 schooling and a host of other items not currently taxed.