Missouri Stuck In Idle: Tax Foundation Releases New Stats on Business Tax Climate
The newest edition of the Tax Foundation’s State Business Tax Climate Index which ranks the best states for business was released earlier this morning. The index collects data on over one hundred tax provision for each state and organizes them into an easy to understand score. States are then compared to one another based on their own actions and by the changes and reforms made by other states.
Here’s how Missouri stacks up on the Tax Foundation’s State Business Tax Climate Index:
- Overall rank – 16
- Corporate Tax Rank – 7
- Individual Income Tax Rank – 27
- Sales Tax Rank – 26
- Unemployment Insurance Tax Rank – 9
- Property Tax Rank – 7
AFP – Missouri has often referenced the free market reforms being made in Indiana and Kansas as models to adopt in order to make Missouri more competitive. Indiana and Kansas have demonstrated that cutting spending, reducing regulations, lowering taxes, and reforming healthcare, education, and labor are essential to long-term success as individuals and as a state. This shines through as Indiana ranks among the ten best states for taxes on business and Kansas races up six spots from their position last year while Missouri remains stuck in the idle position.
“The states that lost ground this year usually did so because they changed policy in a way that makes the tax code more complex, burdensome, or economically harmful,” said Tax Foundation economist Scott Drenkard. “By contrast, the states that improved did so because they are moved closer to a tax code that collects revenue without unnecessarily distorting business decisions. Their tax codes became more neutral.”
Again and again indexes like this show Missouri must make bold reforms to stay competitive in order to attract families and businesses to the Show Me State. This is why AFP – Missouri has developed a freed market policy plan called the Path to Prosperity that will serve as a long-term, conservative blueprint to guide legislators, engage our activists and educate Missourians on issues that can transform our state out of stagnation and into an economic powerhouse.