There has been a growing trend among states around the country who are cutting taxes because they want to empower their citizens and allow them to keep more of their hard earned money. These states know that families and businesses know how to spend their money better than government and economic growth has followed. These states have also taken steps to offset the growing tax burden being brought on families and businesses through federal regulations and taxes.
Missouri’s tax code was primarily written in the beginning of the 1900s and currently has 10 brackets, all but the last are set for incomes below $9,000. Obviously, this system is grossly out-of-date and needs to be reformed.
In addition, over the past decade Missouri’s economy has ranked 47th in the country in economic growth and present and unfortunately projections are that Missouri’s growth will remain stagnant unless something is done.
Meanwhile neighboring states like Kansas and Oklahoma have taken aggressive steps to reduce their state income taxes and return money back to taxpayers. In Kansas they took a bold move to reduce the taxes in one fell swoop, however in Oklahoma taxes have rolled back as part of a phase-in. Additionally, Tennessee has no income tax.
States like California, Illinois and New York are finding themselves in an increasingly deep economic hole and instead of making the tough decision to bring reforms they are raising taxes and creating more regulations. This recipe has proven to be followed by an exodus of businesses and even further compound their economic problems.
However, the businesses that are leaving high tax states are looking for new places to open and all businesses that are looking to expand are keeping a close eye on states that will allow them the freedom to maximize the American Dream. In the new global economy individual states play an important role in where new operations and expansions will take place.
Our hope is that Missouri becomes a leader in the nation for new businesses and a great place for existing business to expand. Our motivation is to Grow Missouri for a better future.