Missouri Votes on Eliminating Income Tax

0:00Missouri voters face a huge choice this November, scrapped the state's individual income tax entirely. Is the first time any U.S. state legislature has put that question straight to the people since the tax started over a century ago? If approved, it'd gradually phase out the tax based on revenue growth, but only by expanding the sales tax to more goods and services. This comes after five years of tax cuts nationwide during the post-COVID boom, when states slashed rates on income, sales, property, and gas. Places like Kentucky, Mississippi, Oklahoma, and South Carolina are already on track to reduce or eliminate their income taxes over time, time cuts, to revenue triggers, and broadening sales taxes too. No income tax states like Florida, Texas, and Nevada have long relied on sales and other fees, drawing businesses and folks away from high-tech spots. A beverage company owner told lawmakers he'd move his headquarters back from Florida if Missouri drops the tax, calling it a signal to compete for, jobs, but not everyone's

1:03on board. A retired teacher worries sales taxes on long-care, haircuts, medical visits, and car repairs would hike her bill, especially with prices already up. Data backs her, families earning between $49,078,000 a year, could pay $535 more. Overall, meanwhile, no tax states topped migration charts last year, pulling people from California and New York. If Missouri pulls this off, experts say it'll light a fire under other states, racing to cut income taxes and boost their economies. I'm Corey with The Story, that's your Canada News Today update, AI-powered, and always on.