May 15, 2009 · Filed under: AFFT Updates, Articles
Missouri House gives final approval to FairTax amendment
The Missouri House gave final approval to a proposed constitutional amendment to abolish the state income tax and replace it with a FairTax system.
The proposal would raise the state sales tax from 4.225 percent to 5.11 percent and eliminate the 6 percent personal income tax and 6.25 percent corporate income tax on business earnings. Accompanying the sales tax rate hike would be a substantially broadened sales tax base that would include all purchases. Estate taxes would remain on the books.
The proposal would create the distribution of a monthly tax rebate check to cover the cost of any taxes incurred up to the federal poverty level, which is $26,000 for a family of four.
If the Missouri Senate approves it, the measure will be submitted to Missouri voters in November 2010 without need for consideration by the governor. If approved by the voters, the measure would take effect on Jan. 1, 2012, and Missouri would become the first in the United States to test the macro-economic benefits of the fair tax, according to the release.
Wooo-hooo! My ancestral state of Missouri rocks! If this passes, other states will fall like dominos. I could consider moving back to snow country if Missouri passes this. (Maybe very sourthern Missouri?)
What state will be next?
Update: my sources are gonna be flogged for not reporting this earlier!!