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 XIII. General summary

Collection:: Economics Books

332 THE FISCAL PROBLEM IN MISSOURI tax; (5) special taxes on business, including incorporation taxes, the corporation franchise tax, the foreign insurance company tax, and the express company tax; (6) the gasoline tax and motor vehicle licenses; and (7) miscellaneous business and non-business licenses and permits. The general property tax is an important source of state revenue and predominates in the finances of all local govern- ments. The exemptions from the general property tax are comparatively few in number, although the value of exempt property is large. The total state rate on property is a com- bination of rates levied for specified purposes. For taxes of 1928 the state rate was $0.14 per $100 of assessed valuation, and for taxes of 1929 and 1930 the rates were $0.13 and $0.12, respectively. Local rates on property vary widely. The average is probably between $1.95 and $2.00 per $100 of assessed valuation. In general, there are considerable dif- ferences between urban and rural tax rates. Other important factors tending to cause difference in tax rates are variations in assessment ratios and differences in the extent to which certain species of property escape taxation. The inheritance tax is an important element in the state revenue system. The rates are steeply progressive, beginning with 19, on the first $20,000 above the exemption passing to a close relative and attaining a maximum of 309, on shares amounting to more than $400,000 passing to very distant relatives or non-relatives. Statutes have been enacted in recent years that provide for the levying of an additional state tax, in accordance with federal legislation enacted in 1926,and for interstate reciprocity in certain inheritance tax matters. The Missouri income tax has been in effect since 1917. Since 1921 the income tax rate has been 19%, for corporations as well as individuals. Residents are taxed on income re- ceived from sources within and without the state; non- residents are taxed on income from sources within the state; and domestic and foreign corporations are taxed on income from sources within the state. The incomes of fifteen distinct classes of organizations, associations, or corporations are not taxed. The personal exemptions are $1,000 for a single per- son, $2,000 for a married person or head of family, and $200

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