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This would be awesome! A new Missouri Income Tax Bill was just introduced. I always envied states like Washington or Florida where they have no state income tax.
Key points of the bill for Missouri:
Source: 10pm NBC Action News
It makes sense to me especially since moving to Kansas City (MO), I thought the cost of living was suppose to be a lot cheaper. I was very disappointed with the sales tax in metro area. Depending on where you shopped, your sales tax ranged from 7-10%!
That’s because Missouri has a different system (odd compared to what I grew up on in Michigan). When I lived in Michigan, sales tax was a flat 6% no matter where you went. That was nice! Michigan tax details here.
However in Missouri, there’s usually two parts of the sales tax. The state base sales tax is 4.225%, but the local jurisdiction gets to add on taxes. So the county or area usually tacks on top of the 4.225% which puts it in the 7-10% range. At that range, I might as well live in a city like Chicago, New York, or Orlando so it really doesn’t make sense since I pay like 6% state income tax. And another thing Missouri has is property tax on my car which I didn’t have in Michigan! Missouri tax details here.
Not sure why it’s bad timing though. I’m for it. I prefer to be tax on my purchases instead of my income since I generally try to be a frugal shopper. Florida and Washington probably also has the luxury of more sale tax revenue from more tourists. Uncle Sam will get their taxes one way or another so I’ll have to see more details to make a final opinion.
