A new analysis by the Missouri Budget Project finds that once the numerous tax breaks passed during the 2014 legislative session are fully implemented, Missouri would be more than $2 billion short of the revenue needed to fund services at FY2014 levels and fully fund the education formula. Whats more, 2014 isnt a high bar - since the Great Recession, Missouri has significantly cut public health and mental health services, child protection caseloads have skyrocketed, and K-12 education is underfunded by hundreds of millions of dollars a year. Missouri is facing severe budget shortfalls in the future that are only made worse by tax cuts passed during the recent legislative session. Adjusted for inflation, Missouri is already far short of its 2008 spending power. Enacting tax cuts at this time is like buying a new sports car when you havent had a raise in years and cant make the rent. The lack of revenue necessary to deliver quality education, health, infrastructure, and other critical services will compromise Missouris ability to compete for and maintain 21st century jobs and will slow the states economic growth. While the biggest tax cut is scheduled to go into effect in 2017, several additional budget-busting tax cuts have been vetoed by the Governor. Please take action now to tell the legislature to uphold the Governors vetoes of these fiscally irresponsible tax cuts. (missourifuture.net/action/) mobudget.org/files/Cliff-July2014.pdf
Posted on: Tue, 15 Jul 2014 15:13:46 +0000
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