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Missouri Families Struggle to Buy Groceries. Tell Missouri Senators to Say No to More Tax Cuts for the Richest
Missouri Legislators are moving quickly to pass a bill that would exempt capital gains from the income tax. The change would require big cuts to state services like K-12 schools, or services for older Missourians or those with disabilities.
Capital gains are the profits/earnings on the sale of stocks, cryptocurrencies, real estate and other valuables. Those profits/earnings are taxed through the individual income tax structure, just like other income. House Bill 594 would exempt capital gains from income tax in Missouri.
The exemption would largely benefit the wealthiest individuals.
More than 80% of the benefits go to the wealthiest 5 percent. And more than 2/3 goes to the top 1 percent - or those with incomes averaging $1.9 million.
TELL MISSOURI POLICYMAKERS TO OPPOSE THIS UNFAIR TAX CUT!
If approved by lawmakers, the bill would cost Missouri $330 million in the first year. To put that into context, that's:
- Near the gap in state funding for local schools in the next state budget– or the equivalent of 7,500 teachers statewide. ($300 million)
- Or the amount of state funding provided to local schools for transportation of students ($287 million general revenue)
- More than the amount of state general revenue supporting all community colleges across the state. ($170 million)
- 1/3 of state funding to support community programs for Missourians with developmental disabilities ($840 million)
- More than the amount of state funding support for Home and Community Based Services that help older adults & Missourians with disabilities remain living independently in their own homes ($240 million)
- 3 times the amount of state funding to support the Children’s Health Insurance Program ($93 million)
- 6 times the amount of state funding support for foster families ($50 million)
Missouri already faces budget challenges in next couple years. What's more, Congress is considering multiple changes to Medicaid and SNAP that could cost our state hundreds of millions of dollars each year.
Act NOW to tell your state Senator to OPPOSE CAPITAL GAINS TAX EXEMPTIONS!
Missouri Legislators, Don't Break the Bank
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