House Bill 253 would provide a tax cut for every Missouri taxpayer, but only if state revenues grow by at least $100 million per year for 10 years. That’s at least an additional $1 billion in revenue that must be collected. Official estimates of the cost of the tax cuts in HB 253 are around $700 million when fully phased in after these large increases in state revenues. So after it is fully phased in, the bill would mean additional money would be available to put toward education.
Earlier this week, Governor Jay Nixon released a worksheet showing how much he believed each school district would lose under HB 253. This worksheet did not correctly account for the net gain in revenues of $300 million that the bill would require.
We have calculated the ADDITIONAL revenue for each school district if the legislature takes the net gain of $300 million and applies it to elementary and secondary education in the same amounts that are currently allocated to each school district under the state formula. CLICK HERE FOR THE WORKSHEET. Of course, these amounts would only be available if the legislature overrides Governor Jay Nixon’s veto of HB 253 when they convene for the veto session on September 11.
Call your legislators and ask them to protect schools AND lower your taxes by overriding Governor Nixon’s veto of HB 253 – the first general tax cut in nearly 100 years.
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