Missouri taxation – Pilger Nebraska http://pilgernebraska.net/ Thu, 22 Sep 2022 20:48:18 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://pilgernebraska.net/wp-content/uploads/2021/10/icon-47-150x150.png Missouri taxation – Pilger Nebraska http://pilgernebraska.net/ 32 32 Church leaders call for higher minimum wage and expanded child tax credit as Congress recess nears Missouri Independent https://pilgernebraska.net/church-leaders-call-for-higher-minimum-wage-and-expanded-child-tax-credit-as-congress-recess-nears-missouri-independent/ Thu, 22 Sep 2022 20:48:18 +0000 https://pilgernebraska.net/church-leaders-call-for-higher-minimum-wage-and-expanded-child-tax-credit-as-congress-recess-nears-missouri-independent/ WASHINGTON — Church leaders urged Congress to pass voting rights legislation, a $15 minimum wage and permanent expansion of the child tax credit during a Thursday briefing on Capitol Hill. “Poverty is a political choice,” the Reverend William Barber, co-chair of the Poor People’s Campaign, told lawmakers. Barber, who is the pastor of Greenleaf Christian […]]]>

WASHINGTON — Church leaders urged Congress to pass voting rights legislation, a $15 minimum wage and permanent expansion of the child tax credit during a Thursday briefing on Capitol Hill.

“Poverty is a political choice,” the Reverend William Barber, co-chair of the Poor People’s Campaign, told lawmakers.

Barber, who is the pastor of Greenleaf Christian Church in Goldsboro, North Carolina, told several Democratic representatives present that there were nearly 140 million poor and “low-income” people in the United States. US Census data indicates that approximately 37.2 million people lived in poverty in 2020.

Columbia University’s Center on Poverty and Social Policy found that 3.7 million children fell back into poverty after child tax credit funds ended earlier this year.

The expanded child tax credit enacted as part of the US bailout through 2021 has provided families with $250 to $300 per child per month. It was not extended in the Senate.

Democratic lawmakers who attended the briefing included Representatives Rashida Tlaib of Michigan, Barbara Lee and Ro Khanna of California, Bobby Scott of Virginia, Jan Schakowsky of Illinois, Kathy Manning of North Carolina and Troy Carter of Louisiana.

More than 50 faith leaders have also joined Barber in pushing for these three congressional actions.

Police funding

Barber expressed frustration that the House is voting Thursday on four police funding bills and not on legislation that would help lift low-income people out of poverty. Democrats have tried to push through the bills to help vulnerable Democrats and push back against Republican rhetoric that the Democratic Party wants to “defund the police.”

Bills before the House would provide grants to local agencies to hire staff to investigate unsolved homicides, address mental health interventions, increase funding for local police departments and small police departments and fund violence intervention programs.

The House is expected to be on vacation after Thursday and will be back next week for a few days before MPs head into the campaign trail.

Barber also pointed out that while he understands the importance of Congress continuing its investigation into the Jan. 6 uprising on Capitol Hill last year, it’s not an issue that voters, especially voters, care about. low income.

“The main reason poor people don’t vote is because no one talks to them,” he said.

He said poverty was the top issue voters were concerned about, and Democrats were ignoring a large electoral bloc because they weren’t reaching low-income voters.

“There’s nowhere in the country where a full-time job paying federal minimum wage can support an average two-bedroom apartment,” Barber said.

He added that while the Poor People’s Campaign, an anti-poverty organization, is advocating for an increase to $15 an hour in the federal minimum wage, that’s not high enough.

A 40-hour workweek with a minimum wage of $15 an hour works out to an annual wage of about $31,000, which would be just above the federal poverty level for a family of four, which is of $27,750 per year.

The current minimum wage is $7.25 and has not increased since 2009. For someone to be able to afford to rent a two-bedroom apartment in the United States, a worker would need to earn a minimum wage of $25.82 dollars an hour.

Food insecurity

Pastor Neil Tellier of Grovetown, Georgia, said a federally funded program that helped provide free lunch to children in his state has ended and he is already seeing the effects. He said that in Georgia nearly 600,000 children live with food insecurity.

Rabbi Michael Pollack of Philadelphia, who is the executive director of March on Harrisburg, said Congress has focused on the wealthy and left vulnerable communities behind. March on Harrisburg is a grassroots organization that works to register voters and advocate for democracy.

“We need Congress to legislate the way it likes the people,” he told lawmakers.

Pollack said Congress must pass suffrage legislation. For years, the Poor People’s Campaign has lobbied lawmakers to pass the John Lewis Voting Rights Act, in memory of the Georgia lawmaker and civil rights icon who championed the right to vote. The bill passed the House, but died in the Senate after being repeatedly blocked by Republican lawmakers.

Manning said his faith taught him that justice is important and everyone deserves it.

“My religious tradition also teaches me that each individual is created in the image of God,” she said. “Therefore, every individual should have the right to a job that pays a decent wage.”

Reverend Ari Douglas of Janesville, Wisconsin shared the story of two of his followers who are single, full-time working mothers who still don’t have enough money to support themselves and their families. children.

“The church helps as much as we can,” he said. “But we are a low-income church, and besides, it shouldn’t be the churches’ responsibility to make sure people get the money they need to live on.”

He stressed the need for Congress to pass an expansion of the child tax credit.

Scott, chairman of the House Education and Labor Committee, said his committee was working to increase Pell grants to make higher education more affordable for people.

hearts and minds

Tlaib said the stories of people struggling with poverty are important to tell because “sometimes I feel like it can move the hearts and minds of a lot of my colleagues.”

“I think we all assume people understand what’s going on,” Tlaib said, referring to his colleagues. “Many of you are on the front lines of hearing about the human tragedies and the human impact.”

Carter said Congress needed to do better.

“We shouldn’t have poor people in this country,” he said.

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Missouri City Council passes lower tax rate and $199.3 million budget for fiscal year 2022-23 https://pilgernebraska.net/missouri-city-council-passes-lower-tax-rate-and-199-3-million-budget-for-fiscal-year-2022-23/ Wed, 21 Sep 2022 20:24:00 +0000 https://pilgernebraska.net/missouri-city-council-passes-lower-tax-rate-and-199-3-million-budget-for-fiscal-year-2022-23/ The Missouri City Council unanimously approved its budget and tax rate for the 2022-23 fiscal year through two ordinances at its Sept. 19 meeting. Missouri City residents will pay $0.57375 per $100 of property assessment to the city. This tax rate is made up of a maintenance and operating rate of $0.431981 and a debt […]]]>

The Missouri City Council unanimously approved its budget and tax rate for the 2022-23 fiscal year through two ordinances at its Sept. 19 meeting.

Missouri City residents will pay $0.57375 per $100 of property assessment to the city. This tax rate is made up of a maintenance and operating rate of $0.431981 and a debt service rate of $0.141769.

The total tax rate was reduced by 0.74% from last year, from $0.578035 to $0.57375. Although the rate has been lowered, rising property values ​​and the addition of new properties mean Missouri City will generate $53.2 million in property tax revenue, an increase from revenue generated from the rate of last year, said Chief Financial Officer Allena Portis.

The enacted tax rate supports the budget for the 2022-23 fiscal year, which begins October 1 and runs through September 30, 2023.

For the 2022-2023 fiscal year, the City’s revenues and transfers total $193.4 million, while outgoing expenditures and transfers total $199.3 million. This is a 16.6% increase in revenue and a 4.4% decrease in expenses compared to fiscal year 2021-22.

“For the general fund, it’s intentional,” Portis said during the meeting. “We are the ones who spend part of our fund balance on one-time expenses. For other funds, it involves spending the balance of the fund, such as bond proceeds or other fund balances that have been raised to pay for future projects.

Revenues and transfers from the City’s General Fund, the fund that supports City operating expenses, are expected to be $63.5 million, a 6.3% increase over the year’s budget. last. The City is planning $72.6 million in general fund expenditures and transfers, an increase of 3.1%.

Of the $21.4 million in supplementary budget requests included in the general fund, nearly $12 million in one-time and recurring expenditures have been approved, Portis said. In the meantime, the City projects a closing general fund balance of $27.4 million, or 34.9% of recurring expenditures.

The Missouri city budget supports a net increase of 27 full-time employees, bringing the city’s total number of full-time employees to 428. Five of those positions are in the fire department, and four are in the police department, Acting City Manager Sedrick Cole said. The budget also includes the addition of six full-time positions in public works and eight positions in the parks and recreation department.

Additionally, the budget includes $2 million to address salaries in the coming fiscal year, in addition to a future salary and compensation study needed to properly identify salary needs across the city, said municipal officials.

“Public safety undoubtedly touches an important key element in our city,” Mayor Robin Elackatt said at the meeting. “Fire and police are those departments that every citizen cares about, but that doesn’t mean parks, courts and other departments, we don’t listen to you, we don’t hear you.”

The budget also includes tax exemptions for residents, including an additional $10,000 in tax exemptions for Missouri City residents age 65 and older, an additional $10,000 for residents with disabilities, and a 2.5% exemption for family properties. These exemptions were originally approved by City Council in June.

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Missouri woman convicted of $1.3 million theft and tax scheme – InsuranceNewsNet https://pilgernebraska.net/missouri-woman-convicted-of-1-3-million-theft-and-tax-scheme-insurancenewsnet/ Thu, 15 Sep 2022 11:57:06 +0000 https://pilgernebraska.net/missouri-woman-convicted-of-1-3-million-theft-and-tax-scheme-insurancenewsnet/ SPRINGFIELD, Mo. – An Ash Grove, Mo. woman was convicted today in federal court of a wire fraud scheme in which she embezzled more than $362,000 from her Springfield, Mo. employer. , and failed to pay nearly a million dollars in payroll. taxes and personal income tax. Carrie Leigh Long, 52, was sentenced by U.S. […]]]>
SPRINGFIELD, Mo. – An Ash Grove, Mo. woman was convicted today in federal court of a wire fraud scheme in which she embezzled more than $362,000 from her Springfield, Mo. employer. , and failed to pay nearly a million dollars in payroll. taxes and personal income tax.

Carrie Leigh Long, 52, was sentenced by U.S. District Judge Stephen R. Bough to three years and five months in federal prison without the possibility of parole. The court also ordered Long to pay $1,329,440 in restitution, with $362,175 to his employer and $1,071,802 to the IRS. The court also ordered Long to forfeit $362,175 from the government.

On April 25, 2022, Long pleaded guilty to one count of wire fraud and one count of non-payment of employment taxes.

Long was employed by Executive Coach Builders, Inc. to provide in-house accounting services to the company and Executive Bus Builders, Inc. The companies are headquartered in Springfield but do business worldwide with factories and sales offices in Missouri and California. Companies build luxury buses, coaches and limousines. Long was hired in April 2014.

Long admitted that she stole at least $362,175 from the companies from February 2016 to September 2020. Long also admitted that she failed to pay approximately $902,226 in employment taxes that the companies owed the company. ‘IRS. By not making these payments, Long created a reserve of funds in the companies’ bank accounts from which she continued her embezzlement scheme.

Long used her position as an in-house accountant for the companies, and her access to the companies’ check stock, to regularly write checks to the companies’ bank accounts for unauthorized payments to herself. Long stole money from businesses by padding unauthorized amounts on certain pre-signed checks and making those checks payable to herself. Long also stole money from businesses by forging signatures on business checks, writing unauthorized amounts on checks, and making those checks payable to herself.

According to court documents, Long robbed the businesses at least 198 times. When the businesses owner confronted her with evidence that she robbed the businesses and failed to pay the businesses employment taxes, she continued to lie to him, forcing him to hire a accounting firm to investigate.

As part of the scheme, Long did not claim the unauthorized payments as personal income on his 2016 to 2020 personal income tax returns. This resulted in a loss to the IRS of $65,039.

Beginning in April 2019, Long stopped making regular payments to the IRS for employment taxes companies owed the IRS. Long concealed his actions from company officials by altering the companies’ bank account statements and misrepresenting in his financial reports that the payments had been made. Long, businesses failed to pay the IRS approximately $902,226 in taxes (including the employer’s share and funds withheld from businesses’ employee paychecks) owed to the IRS for both quarters of 2019 and one quarter of 2020.

When an Internal Revenue Service agent attempted to collect these overdue tax payments, Long falsely claimed they had been paid and provided false bank account statements.

According to court documents, Long was convicted in state court for similar conduct with a former employer and was still on probation for this crime at the time of this federal offense. On October 21, 2013, she pleaded guilty in Laclede County, Missouri, Circuit Court to stealing more than $88,000 from a client of her employer, then an accounting firm. As in this federal case, she stole by forging checks made out to her name and endorsed in her name to the victim’s bank account. Long received a five-year suspended sentence, was ordered to serve 90 days of shock time, placed on probation for five years and ordered to pay compensation to her victim within 30 days of her conviction.

Long’s mother actually paid her court-ordered restitution on her behalf in the state’s case. Long used the money she stole from the companies in this scheme to repay her mother for the restitution payment to previous victims.

This case was prosecuted by Assistant U.S. Attorney Shannon Kempf. He was investigated by IRS-Criminal Investigation and the FBI.

Updated September 13, 2022

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Several plans emerge as Missouri lawmakers begin special session of governor’s tax cuts Missouri Independent https://pilgernebraska.net/several-plans-emerge-as-missouri-lawmakers-begin-special-session-of-governors-tax-cuts-missouri-independent/ Wed, 14 Sep 2022 21:45:14 +0000 https://pilgernebraska.net/several-plans-emerge-as-missouri-lawmakers-begin-special-session-of-governors-tax-cuts-missouri-independent/ The special legislative session called by Governor Mike Parson to cut income taxes began Wednesday, and as lawmakers adjourned for the day, one thing was clear — there is no agreement on a plan. And that could upset the governor’s hopes of a speedy session. In the state Senate, supposed to act first on the […]]]>

The special legislative session called by Governor Mike Parson to cut income taxes began Wednesday, and as lawmakers adjourned for the day, one thing was clear — there is no agreement on a plan.

And that could upset the governor’s hopes of a speedy session.

In the state Senate, supposed to act first on the income tax cut sought by Parson, 10 bills providing income tax cuts were introduced, including one that cuts the tax on corporations while leaving personal income tax intact.

All but one of the bills were introduced by Republicans and include an immediate or future cut in the top tax rate. Senate Democratic Leader John Rizzo of Independence also introduced a bill, but his proposal would increase the value of a credit passed last year for low- and middle-income Missourians and make no changes to rates. of taxation.

A cut in the top tax rate means most of the money goes to high-income earners, Rizzo said.

“We’re going to start the conversation about how we can help Missouri families,” he said. “They’re going to start the conversation about how we help millionaires.”

Sen. Andrew Koenig, R-Manchester, who introduced a bill to immediately cut personal and corporate tax rates, said Rizzo’s proposal is a new welfare package.

“If you have a tax credit where you get more money than you put in, that’s welfare,” he said.

In the Missouri House, no income tax cut plan was introduced, but Rep. Brad Pollitt, R-Sedalia, proposed a bill with several tax incentives intended to supporting the economy in rural areas.

The state‘s general revenue fund is enjoying its largest-ever surplus, with $4.4 billion available at the end of August and growing 20% ​​so far for the fiscal year in prices, against an estimate of 2.1% made in January.

The state budget’s three main sources of general revenue are income taxes, which brought in $10 billion in the fiscal year that ended June 30; the sales tax, which brought in $2.7 billion; and corporate taxes, which totaled $900 million.

In June, Parson vetoed provisions of a spending bill this would have given rebates of up to $500 for each person reporting taxable income, with a total cost cap of $500 million. He said the plan doesn’t have enough money to fully fund the rebates and that the state should pass permanent legislation instead of sending out rebate checks.

Parson also vetoed a bill providing incentives for rural areas, saying the two-year lawmakers included in the legislation were impractical.

In his call for a special session, Parson asked lawmakers to cut the top personal income tax rate from 5.3% to 4.8%. He also called on lawmakers to put rural incentives in the bill and give them a six-year sunset.

The top tax rate has already been falling for several years under a phased reduction enacted in 2014 despite objections from the then government. Jay Nixon. The highest rate, 6% in 2014, is 5.3% this year.

Each additional milestone occurs after annual revenue growth exceeds $150 million.

There are currently five more reductions to come before the maximum rate stands at 4.8%. Parson’s plan speeds up the cut.

Koenig’s bill mirrors Parson’s plan for an immediate reduction, but adds additional triggered reductions if revenue growth continues. Koenig’s bill also cuts the corporate tax rate by half a point, from 4% to 3.5%, and also allows for a second reduction, to 3%, if the income trigger for a reduction personal income tax is reached.

The bill offers something for everyone, Koenig said.

“Every taxpayer would get a tax cut,” Koenig said. “If you make enough money to pay even a dollar in tax, you’ll get a tax cut.”

Sen. Lincoln Hough, R-Springfield, is proposing a competing plan that would offer immediate rebates this year and additional future tax cuts if state revenue growth remains strong.

Hough’s proposal would send rebates of $325 to individuals and $650 to married couples. The three additional triggered reductions would set the top tax rate at 4.5%.

But to get those three reductions, the trigger amount would be increased, requiring $250 million in annual revenue growth instead of the $150 million required by current law. In addition, this trigger amount would be indexed to inflation.

“It would provide immediate relief to families hit by inflation without bankrupting the state in the long run,” Houg said. “I want to build railings in there.”

Missouri has used excess funds to add spending on education, health care and other needed programs, noted Hough, who is expected to become chairman of the Senate Appropriations Committee next year.

“I don’t want us to have to cancel this,” he said.

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Rural incentives in Missouri tax cut proposal target biofuels and small producers for help • Missouri Independent https://pilgernebraska.net/rural-incentives-in-missouri-tax-cut-proposal-target-biofuels-and-small-producers-for-help-missouri-independent/ Tue, 13 Sep 2022 12:03:42 +0000 https://pilgernebraska.net/rural-incentives-in-missouri-tax-cut-proposal-target-biofuels-and-small-producers-for-help-missouri-independent/ When lawmakers return this week for a special session, most of the attention will be on Gov. Mike Parson’s proposal to cut income taxes by $700 million a year. But Parson also wants the bill to include several tax credits intended to benefit rural Missouri by increasing demand for crop-based fuels, encouraging small meat processors […]]]>

When lawmakers return this week for a special session, most of the attention will be on Gov. Mike Parson’s proposal to cut income taxes by $700 million a year.

But Parson also wants the bill to include several tax credits intended to benefit rural Missouri by increasing demand for crop-based fuels, encouraging small meat processors and boosting food production in urban areas. Some of the incentives are new, others are extensions of expired programs. And they were all included in a bill that Parson vetoed because he didn’t like the shortly they would exist.

The vetoed bill only allowed the incentives in place until 2024. Parson wants them in place for at least six years.

“A two-year sunset undermines taxpayers’ investment in a program given the time it takes to develop the program versus the time the program is operational before it expires,” Parson wrote in the letter explaining. his veto.

There is little controversy over the programs themselves — the final version of the bill passed 111-26 in the House, with all “no” votes coming from Republicans, and 28-0 in the Senate. But it’s unclear whether Parson will get the longer sunset he wants. The short window was Senator Denny Hoskins’ idea when the programs he wanted in the bill – specifically $16 million tax credit for investment in capital funds for rural enterprise development – ​​did not survive negotiations on the final version.

The two-year sunset was intended to force another debate on the incentive package before he leaves office, Hoskins said.

Hoskins handled the bill in the Senate. Term limits will force Hoskins, R-Warrensburg, out after the 2024 election.

“I have two years left, and as we were looking at other possible incentives, we gave it two years, and in the next two years we will work on the other (agricultural) issues,” he said.

The 12-item package Parson wants includes 10 tax credits with an overall cap of $39.5 million per year. The other two elements are a credit to railroads for new rolling stock applied to property taxes distributed to local governments and an expanded state loan program for livestock purchases by family farms.

“Each of these tax credits yields more than a dollar for every dollar invested,” said Rep. Brad Pollitt, chair of the Rural Community Development Committee.

Pollitt sponsored the bill which Parson vetoed, which had the six-year extension when introduced.

He also didn’t like the two-year extension, he said, but it was the price to pay for pulling the bill from a conference committee.

“It’s not long enough to start programs or restart ones that have already expired,” said Pollitt, R-Sedalia.

The credits

Three of the credits are new programs designed to support the production and sale of gasoline and diesel with higher blends of alcohol and seed oil.

They are:

  • A 5 cents per gallon credit to retailers sale of E15 gas, which contains 15% ethanol instead of the 10% blend sold by most stations. The program would be capped at $5 million per year.
  • A credit of 2 cents per gallon or 5 cents per gallon for retailers who sell diesel with a biodiesel blend. The credit amount, capped at $16 million per year, is based on whether the blend contains more or less than 10% biodiesel. The credit is refundable, which means that if merchant credits exceed their taxes, they will receive the difference from the state.
  • A refundable credit of 2 cents per gallon to biodiesel producers, capped at $4 million per year. Biodiesel is usually made from soybeans or another seed oil, but it can also be made from waste oils from plants or animals.

Missouri has six ethanol plants capable of producing 287 million gallons of ethanol per year, about 2% of the national capacity. There are six plants that make biodiesel, with a capacity of 253 million gallonsnearly 9% of national capacity and the third largest biodiesel industry of any state.

But ethanol and biodiesel make up only a small fraction of the fuel used for cars and trucks. Ethanol provides about 13% of the nationwide gasoline demand and biodiesel accounts for approximately 5.3% of the diesel used for transportation.

In April, in response to rising gas prices, President Joe Biden relaxed the rules limit the sale of E15 fuel during the summer months due to smog issues. But relatively few stations offer it, in part because their equipment isn’t certified for it, said Ron Leone, executive director of the Missouri Petroleum and Convenience Association.

And while most cars made in the last 10 years are manufacturer rated to use E15 fuel without mechanical problems, many older cars are not. It also makes stores reluctant to offer the fuel, Leone said.

The association opposes any mandate requiring retailers to sell E15 fuel, he said.

My guys usually don’t have a problem with government programs that are permissive,” Leone said. “We have always had and continue to have a problem with mandates, but we are neutral in supporting incentives.”

Incentivizing retailers to purchase new equipment or have existing pumps and tanks certified for E15 would increase consumption of made-in-Missouri energy, said Chris Wilson, general manager of Mid-Missouri Energy in Saline County, the largest ethanol plant in the state.

Currently, he said, ethanol makers export much of their production.

I think there’s plenty of room for increased demand,” Wilson said.

The problem for older cars, as well as pumps and reservoirs, is not whether E15 fuel will actually cause problems, but that the equipment is not certified for it, he said. .

“Their concern is going to be ‘if I can’t show documentation that it’s been certified and approved, the insurance may not cover it,'” Wilson said.

Other Parson Bill incentives that were vetoed and included in the list of items for the special session are:

  • A credit of $5 per tonne, up to $6 million annually, to sawmills to convert wood waste – chips and sawdust – into energy. This credit expired on June 30, 2020.
  • A credit of up to 25% of the cost of modernizing or expanding a meat processing plant, capped at $2 million annually. The credit expired on December 31. The renewal of the vetoed bill would have added a cap of 500 employees or less to target the incentive on small processors.
  • A new credit of up to $25,000 for each farm and $200,000 in total to establish “urban farms” in communities of 50,000 people or more.
  • A property tax credit for railways to replace rolling stock. This credit expired on August 28, 2020 and was only capped by the total property taxes owed by each railroad. The State reimburses local authorities for the loss of earnings.
  • Tax credits of up to $6 million per year for contributions to the Missouri Agriculture and Small Business Development Authority and investments in cooperatives developing agricultural businesses. The existing credit expired on December 31.

Parson also wants the bill to include a sales tax exemption for commercial vehicles used on farms and loan programs to grow specialty crops and expand livestock herds.

These farm tax credits essentially allow family farms to compete with commercial farms on a level playing field,” Pollitt said.

The combination of farm credits with the governor’s broad tax-cut plan means they will likely live or die on the fate of this bill, Pollitt said. Exceeding them is a matter of fairness, he said.

We passed and the governor signed six more tax credit bills this session,” he said. “There’s no reason for agriculture to get the short end of the stick.”

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Lawmakers should reject Missouri tax cuts for the few – The Examiner https://pilgernebraska.net/lawmakers-should-reject-missouri-tax-cuts-for-the-few-the-examiner/ Sat, 10 Sep 2022 12:17:48 +0000 https://pilgernebraska.net/lawmakers-should-reject-missouri-tax-cuts-for-the-few-the-examiner/ Marvin Sands, Independence To the editor: Recently, Governor Mike Parson announced that he is calling the state legislature into special session this month to formulate an income tax cut for all Missourians. Except the tax cut doesn’t include all Missourians, but does include the governor’s most influential and wealthy friends. Technically, the governor is offering […]]]>

Marvin Sands, Independence To the editor: Recently, Governor Mike Parson announced that he is calling the state legislature into special session this month to formulate an income tax cut for all Missourians. Except the tax cut doesn’t include all Missourians, but does include the governor’s most influential and wealthy friends.

Technically, the governor is offering two tax proposals, but as part of an overall plan — one for farmers and one for his wealthier friends — and the tax cut would be permanent. Specifically, the plan:

• Reduce the maximum income tax rate from the current 5.3% to 4.8%.

• Increase the standard deduction by $2,000 for single filers and $4,000 for joint filers.

• Eliminate the first tax bracket – essentially exempting the first $1,000 of income from tax.

The tax plan would reduce general state revenue by more than $950 million per calendar year and take effect Jan. 1, 2023, but would only affect half of the 2023 fiscal year, which began on July 1, 2022. What makes this tax plan so unnecessary is that schools, public safety, health care and other critical needs would see a substantial loss of needed revenue. Think a bit more broadly – ​​fiscal year 2024 begins July 1, 2023, and as such the state would lose a full year of revenue due to the extreme loss of this tax proposal.

In addition, the proposed tax plan would weigh heavily in favor of the wealthiest Missourians and exclude 33% of Missourians (the state’s poorest and oldest citizens on fixed incomes) entirely. To put this into a larger context, the wealthiest citizens of Missouri would see a tax benefit of approximately $6,024 while the poorest citizens of Missouri would see a benefit of only $11.

Also, the lower the income in Missouri, the more state and local taxes the person pays as a share of what one earns. Missouri families in the lowest income quintile pay 9.9% of their income in state and local taxes, while the top 1% pay only 6.2%.

The bottom line is this: Parson’s tax plan heavily favors his wealthy friends and neighbors and entirely excludes Missouri’s poorest and those on fixed incomes.

The Legislature should reject this whole idea of ​​a tax cut and move on to better ideas that positively impact all Missourians, not just the select few.

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Missouri nonprofit offers alternative to governor’s tax cut proposal https://pilgernebraska.net/missouri-nonprofit-offers-alternative-to-governors-tax-cut-proposal/ Tue, 06 Sep 2022 10:46:21 +0000 https://pilgernebraska.net/missouri-nonprofit-offers-alternative-to-governors-tax-cut-proposal/ While Missouri lawmakers have delayed the start of the special legislative session to chart a clear path on tax cuts, a nonprofit public policy analysis offers an alternative. Missouri Budget Project, a St. Louis-based nonprofit that offers research and analysis on state budget, tax and economic issues, released an alternative tax cut and reform proposal […]]]>

While Missouri lawmakers have delayed the start of the special legislative session to chart a clear path on tax cuts, a nonprofit public policy analysis offers an alternative.

Missouri Budget Project, a St. Louis-based nonprofit that offers research and analysis on state budget, tax and economic issues, released an alternative tax cut and reform proposal on September 1, calling the plan orchestrated by Gov. Mike Parson a “potential fiscal bomb.” “

Parson, a Republican, has called on lawmakers to return to the capital on September 6 for a special legislative session focused on expanding farm tax credits and what he calls the biggest tax cut in history. from Missouri.

A week before the start date, House and Senate leaders announced in a joint statement Aug. 31 that they were delaying the start of the special session by a week to continue discussing specific details of the reduction in taxes and agricultural credits.

After vetoing a tax refund program passed by lawmakers in the spring and citing a lack of funding and minimal impact on low-income households, Parson proposed permanent tax relief by lowering the tax rate. the highest from 5.3% to 4.8%, increasing the standard deduction to $2,000 for individuals and $4,000 for couples, and eliminating the bottom tax bracket.

Together, Parson said the measures mean Missouri would not tax the first $16,000 of income for individuals and $32,000 of income for couples.

“The fact is, every Missourian who pays taxes, regardless of background, income or job description, will see a deduction from their tax liability,” Parson said when the proposal was announced. “And that’s a win for all Missourians.”

The Missouri Budget Project has a different analysis.

The nonprofit estimates that the governor’s proposal would exclude one-third of Missourians, especially those on fixed incomes such as the elderly and people with disabilities, and would require possible reductions in state spending on health care. education, public safety, health care and other needs.

Missouri Budget Project has offered a new proposal for lawmakers to consider as they prepare to enter the Capitol chambers in mid-September. It keeps the governor’s top tax rate deduction from 5.3% to 4.8%, but also calls for the elimination of Missouri’s corporate income tax exemption and strengthening tax credits for working families and circuit breakers.

Amy Blouin, president and CEO of the Missouri Budget Project, said the plan ensures every Missourian sees tax savings, one of Parson’s goals for permanent relief.

“There are concrete ways policymakers can provide real tax relief that helps struggling families make ends meet,” Blouin said in a press release. “Too often, tax proposals have focused on policies that offer freebies to the richest, and little or nothing to those who struggle the most to make ends meet.”

According to an analysis of the Missouri Budget Proposal, the bottom 20% of Missouri residents (taxpayers earning less than $22,000 a year) could receive an $11 tax cut under the plan proposed by the governor. The top 1% (taxpayers earning $552,000 a year) could benefit from a tax reduction of $6,024.

Under the nonprofit’s proposed plan, the same bottom 20% could get a $324 tax cut just through a combination of tax credits. The top 1% would receive a tax reduction of $5,974, but pay an additional $4,040, for a net reduction of $1,934.

Missouri’s budget proposal posits that the governor’s tax cut is based on the temporary influx of federal funds that have flowed into the state to combat the COVID-19 pandemic, and therefore could result in funding cuts state services.

Parson said his office had been studying the sustainability of his tax cut for more than a year and had not incorporated federal funds into its budgeting.

“We don’t even factor in all the federal money, so it’s all set aside and we know that has to be factored in,” Parson told reporters in August. “That’s the general revenue that we’re talking about today and can we sustain that in the state. We think with that number we can. We think that’s a very conservative number to be able to do that, but it will have no effect on incoming federal dollars.

But the nonprofit suggests that Missouri’s record revenues are partly supported by the billions of dollars Missouri families and businesses have received directly from the federal government during the pandemic, which has temporarily boosted activity. economy and, therefore, state revenues.

The governor’s office and Missouri’s budget proposal are also at odds over the impact of its tax cut on state revenue, with Parson’s team citing a $700 million cut and the organization to nonprofit predicting a loss of $950 million in the first year of implementation, citing the Institute on Tax and Economic Policy.

The Missouri Budget Project’s proposal has an annual cost of $586 million, according to its projections. Eliminating the corporate income tax exemption, also known as the “LLC loophole,” helps lower the price.

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Transitional housing approved for NAP tax credits https://pilgernebraska.net/transitional-housing-approved-for-nap-tax-credits/ Sat, 03 Sep 2022 15:57:29 +0000 https://pilgernebraska.net/transitional-housing-approved-for-nap-tax-credits/ The Missouri Department of Economic Development has approved the Audrain County Shelter Resource Coalition Transitional Housing Project for Missouri Neighborhood Assistance Program (NAP) tax credits. The Audrain County Shelter Resource Coalition (ACSRC) has been authorized to receive tax credits in the amount of $239,249 in 70% tax credits for the period July 1, 2022 through […]]]>

The Missouri Department of Economic Development has approved the Audrain County Shelter Resource Coalition Transitional Housing Project for Missouri Neighborhood Assistance Program (NAP) tax credits.

The Audrain County Shelter Resource Coalition (ACSRC) has been authorized to receive tax credits in the amount of $239,249 in 70% tax credits for the period July 1, 2022 through June 30, 2024.

For example, if a $10,000 donation is made to ACSRC Transitional Housing, $7,000 (70% of the donation) is eligible for the Missouri tax credit, leaving a tax liability of $3,000 $.

To qualify for the tax credit, a business must make a minimum, eligible contribution of $1,000 in support of ACSRC Transitional Housing.

This tax credit is for businesses only, but also includes individuals who operate a sole proprietorship, operate a farm, have rental property, or have royalty income as well as a shareholder of an S-corporation, a partner in a partnership or a member of a limited liability company.

ACSRC is a 501(c)3 non-profit organization focused on caring for people in need of shelter in Audrain County. They have been operating the room at the Inn Shelter for 8 years.

In Room at the Inn’s last season, they were able to house 68 people for a total of 791 nights and served 1,530 meals to the hungry in the community. They observed the need to increase the number of affordable housing units for those coming out of homelessness.

Thanks to the generous donation of two condominiums by the Weavers in the Summit Building, this goal is becoming a reality. Transitional housing offers a clear next step for people who have experienced homelessness. It allows people who are actively pursuing personal growth to establish the payment history and skills they need to become eligible and successful when moving into their own permanent residence. Renovations and furnishing are expected to cost $50,000.

The aim is to open the first phase of transitional housing by August 15, 2022 with a full opening of operations on October 1.
For more information about how the NAP tax credit might affect donors, contact a tax advisor, accountant, or attorney. For more information on transitional housing or additional questions, contact ACSRC at acsrc.mo@gmail.com.
To donate, send your donation to ACSRC PO Box 1002, Mexico City, MO 65265 or go to www.acsrcmo.org and click the donate button.

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Jobs report highlights need for tax cuts in Missouri https://pilgernebraska.net/jobs-report-highlights-need-for-tax-cuts-in-missouri/ Thu, 01 Sep 2022 18:51:04 +0000 https://pilgernebraska.net/jobs-report-highlights-need-for-tax-cuts-in-missouri/ JEFFERSON CITY (September 1, 2022) – Small business owners nationwide continue to hire, but 49% (seasonally adjusted) of owners reported job openings they were unable to fill during the current period, according to the NFIB’s monthly employment report, released today. “The labor market continues to be a significant challenge for small business owners,” said NFIB […]]]>

JEFFERSON CITY (September 1, 2022) – Small business owners nationwide continue to hire, but 49% (seasonally adjusted) of owners reported job openings they were unable to fill during the current period, according to the NFIB’s monthly employment report, released today.

“The labor market continues to be a significant challenge for small business owners,” said NFIB Chief Economist Bill Dunkelberg. “The owners are managing several economic headwinds and continue to make business adjustments to mitigate lost sales opportunities due to staffing shortages. Nearly half of owners increase compensation to attract workers for their vacancies. »

Small business owners’ plans to fill vacancies remain high, with a seasonally adjusted net rate of 21% expecting to add new jobs over the next three months, up one point from July. A net percentage of 46% (seasonally adjusted) said they had increased their compensation, down two points from July and four points below the record set in January. A net 26% plan to increase compensation over the next three months.

State-specific data is not available, but NFIB Missouri Director Brad Jones said, “Our small business members are paying more and still struggling to fill positions. Without enough people to work, many small businesses are reducing their opening hours. Hopefully the legislature can ease at least some of the financial pressure on Missouri job creators by agreeing to some level of tax relief during this month’s special session.

Overall, 63% of landlords nationwide said they had hired or attempted to hire in August. Of those trying to hire, 89% of owners said there were few or no qualified candidates for the positions they were trying to fill. Thirty-one percent of owners reported few qualified candidates for their vacancies and 26% reported none.

Forty-one percent of owners have openings for skilled workers and 24% have openings for unskilled labor. Sixty-six percent of job openings in the construction industry are for skilled workers, up six points from July. Seventy-one percent of construction companies reported few or no qualified applicants, up four points.

Click here to see the full report.

About the NFIB

For nearly 80 years, the NFIB has been representing the interests of American independent small business owners, both in Washington, DC and in all 50 state capitals. The NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has focused exclusively on small independent businesses, and remains so today. For more information, visit nfib.com.

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November Ballot Sales Tax Increase in Ozark County https://pilgernebraska.net/november-ballot-sales-tax-increase-in-ozark-county/ Tue, 30 Aug 2022 12:02:40 +0000 https://pilgernebraska.net/november-ballot-sales-tax-increase-in-ozark-county/ Ozark County commissioners voted last week to impose a half-cent law enforcement sales tax in the Nov. 8 general election ballot. According to the Ozark County Times, Sheriff Cass Martin had to make tough decisions to stay within his budget, including laying off seven employees and reducing patrols. Unforeseen circumstances such as rising fuel costs […]]]>

Ozark County commissioners voted last week to impose a half-cent law enforcement sales tax in the Nov. 8 general election ballot.

According to the Ozark County Times, Sheriff Cass Martin had to make tough decisions to stay within his budget, including laying off seven employees and reducing patrols. Unforeseen circumstances such as rising fuel costs and record inflation have led to the department’s current budget crisis.

Presiding Commissioner John Turner commented “in his eight years in office he has never asked for a new tax, but he will let the people decide whether or not they want to fund law enforcement in the county of ‘Ozark’.

The current half-cent sales tax brings in just over $400,000 a year. Ozark County Clerk Brian Wise says it wasn’t enough to fund the office, although it does receive revenue from law enforcement contracts with Gainesville and Theodosia.

The department receives no money from property taxes, and the only other source of revenue is the state prisoner reimbursement, which has been running at $22 a day per prisoner for nearly a decade. Turner said that “the state pays when it wants and often it doesn’t pay, you can’t count on that.

Last month, the sheriff posted on social media that his department would reduce patrols and that minor, non-violent crimes should be handled over the phone or residents should report to the sheriff’s office to file a report. The ministry had to reduce its workforce by 30%, which led to seven layoffs, including two full-time assistants.

Martin, who is in his first term as sheriff, says he has done everything in his power to keep costs down while ensuring good law enforcement for Ozark County and that he there was no way to see the budget crisis coming.

Currently, Ozark County collects a local sales tax totaling 2.5 cents per dollar spent. 1 cent goes to general revenue, half a cent goes to roads and bridges (divided between east and west), half a cent goes to law enforcement, and a half cent goes to the county ambulance. ‘Ozark, which operates autonomously outside of the county budget. If the sales tax increase is approved by voters, it would give the department 1 cent on the dollar for a total local sales tax of 3 cents. Currently, Ozark County, along with Wise County, has a minimum sales tax rate of less than 81% of Missouri counties.

(From KTLO)

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