Tomorrow, Missourians are slated to cast their votes on Amendment 5, a proposition that seeks to increase taxes on seniors and middle-class citizens in an effort to fund massive tax cuts for the highest earners in the state.
The Amendment would effectively dissolve the state’s individual income tax; money that makes up approximately 64% of Missouri’s general fund and serves as the main pool for everything ranging from infrastructure and schools to healthcare and public safety — all in favor of giving the rich a bit thicker lining in their pockets.
As if that weren’t already bad enough, Proposition 5 seeks to close the gap in lost revenue for the state with a steep hike in sales tax, in a state where low and middle-class citizens already pay a wildly disproportionate lion’s share of the taxes required to fund public services. If passed, this Amendment would only serve to pile more of Missouri’s fiscal responsibility onto the shoulders of middle, working-class citizens — teachers, truck drivers, farmers — who already barely manage to keep roofs over their heads and food on their tables, while further unburdening anyone who actually has the money to spare.
The Institute of Taxation and Economic Policy reports that Missourians with incomes ranging from $50,000-$80,000 will be expected to pay $535 more in taxes if the amendment passes.
ITEP reports: