Americans For Prosperity-Missouri has yesterday’s Senate debate on SJR29 available HERE.
There have been a few changes to the bill: most significantly, the tax would be phased in over 5 years; two, and the state sales tax rate would be capped at 7%. From the Post-Dispatch, a list of all changes to SJR29:
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The corporate income and corporate franchise taxes would be eliminated in the first year, while the personal income tax rate would be reduced by about 20 percent a year until it is phased out.
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The sales tax rate would go up to offset the annual reductions in the income tax.
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The general sales tax rate would be capped at 7 percent.
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The sales tax would not apply to motor fuels, insurance, education (K-12, higher education and vocational education), charitable donations and purchases, food stamp or Women, Infant and Children (WIC) purchases. Other exemptions could only be added by a two-thirds vote of the Legislature.
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Rebates would be given to all households. (No detail on how much.)
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The Property Tax Credit (or Circuit Breaker) would be retained.
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The plan would be placed on the November 2010 ballot, and if approved would become effective on Jan. 1, 2013.
I like the phase-in method. Not that it is needed, but I would rather see a lot of people who are just concerned about the short time frame, but in general like the concept, to be able to get on board with this plan.
