The fiscal problem in Missouri

Bibliographic data

Monograph

Identifikator:: 1833271335

URN:: urn:nbn:de:zbw-retromon-230042

Document type:: Monograph

Title:: The fiscal problem in Missouri

Place of publication:: New York

Publisher:: National Industrial Conference Board, Inc.

Year of publication:: 1930

Scope:: xvi, 359 S.

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter III. The Missouri tax system

Collection:: Economics Books

94 THE FISCAL PROBLEM IN MISSOURI between 80% of the amount imposed by the Federal Govern- ment and the total tax levied according to the Missouri rate schedule is levied by the State of Missouri. The principal effect of this provision is to increase the taxes levied by the state on shares passing to the husband or the wife and chil- dren in the case of very large estates. Missouri has also enacted a law! providing for inheritance tax reciprocity in the case of personal property other than tangible personal property having a situs in the state, when the transferer at the time of death was a resident of a state or a foreign country that had a similar reciprocity statute on its books or did not impose a transfer tax or death tax of any character on such property of residents of Missouri. The Income Tax The Missouri income tax may be termed a general income tax. The same rate of tax, 19, is levied on the incomes of residents received from sources within and without the state, the incomes of non-residents from sources within the state, and the incomes of corporations, both foreign and domestic, from sources within the state. The 19} rate has been in effect since 1921. Prior to 1921 the rate was 1249}, for two years, and from 1917 to 1919 the rate of 159, as fixed in the original law? was in effect. The statutes® provide that the incomes of fifteen distinct classes of organizations, associations, or corporations shall not be taxed. Included in the exempt list are labor, horti- cultural, and agricultural organizations; co-operative mar- keting associations; mutual savings banks not having a capital stock represented by shares; non-profit fraternal orders providing benefit payments to members; domestic building and loan associations and non-profit co-operative banks operated without capital stock; cemetery companies operated exclusively for the benefit of members and without profit; non-profit religious, charitable, scientific, or educa- tional organizations; chambers of commerce, business leagues, and the like; civic leagues, and other social welfare 1 Session Laws, 1929, pp. 102 ff. % Missouri levied an income tax during the Civil War period. “Original law,” as here used, refers to the modern period, that is, beginning with the law of 1917. 1 Session laws, 1927. p. 476.

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