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 IV. State and local tax revenues

Collection:: Economics Books

104 THE FISCAL PROBLEM IN MISSOURI diately preceding, reaching a maximum of $6.4 million in 1928. The amounts shown in Table 31 for special property taxes represent receipts on account of the corporation franchise tax. The annual receipts from this tax have been increasing and amounted to $1.9 million in 1928, or 5.79% of the tax revenues of the state. This proportion was only slightly larger than that for each of the three preceding years. In 1923 and 1924 this tax accounted for almost 89, of the tax revenues of the state. Although receipts from this source increased each year during the period 1923 through 1928, the rate of increase was more gradual than the increase in total tax receipts. Inheritance tax collections were larger in 1928 than in any other year of the period covered by Table 31. The 1928 col- lections from this source amounted to more than $3.0 million, or almost three times as much as in 1923 and more than 509 more than in either of the years 1926 and 1927. While a considerable variation in the receipts from the inheritance tax is to be expected, the legislation of 1927, which author- ized the state to take advantage of the 80%, provision in the Federalact passed on February 26, 1926, doubtless accounted in part for the increase in 1928. The receipts from this source varied from 4.6%, to 8.99, of total tax receipts during the years included in Table 31. Total collections on account of the income tax increased each year from 1923 to 1926, amounting to $4.3 million in the latter year. Collections in 1927 amounted to $4.0 mil- lion, and the total for 1928 was only $3.7 million, or 10.87% of the total tax revenues of the state. Although the collec- tions from this source were larger in 1926 than in any other year of the period, the largest proportion of the total state tax revenue derived from this source was obtained in 1924, when income tax receipts accounted for 18.89, of the total. The declining proportion of total taxes obtained from this source in recent years is worthy of comment. In 1927 the income tax statutes were amended so that the tax would be levied on resident and non-resident individuals and on domestic and foreign corporations on the basis of net income

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