MP761 Missouri State and Local Taxes and Revenues: A 50-State Comparison for 2012 | University of Missouri Extension



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MP761, Missouri State and Local Taxes and Revenues: A 50-State Comparison for 2012

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Missouri State and Local Taxes and Revenues: A 50-State Comparison for 2012

Editor's note
The following abstract describes a publication that is intended for as a downloadable PDF. Please see links to the PDF file and ordering information on this page.

State comparisons
Grichawat Lowatcharin
Graduate Research Assistant
Truman School of Public Affairs
Judith I. Stallmann
Professor in Agricultural Economics
Truman School of Public Affairs
and Community Development Extension Specialist

The individual income tax is a major source of revenue for the state of Missouri. For local governments, a major source of revenue is the property tax, but this varies by type of local government.

The state and local tax systems of Missouri are regressive, meaning lower incomeFfamilies pay a higher percentage of their income in state and local taxes than higher income families.

Among the 50 states, Missouri ranks

  • 43rd in state and local taxes as a percentage of personal income. Missouri citizens pay on average 8.48 percent of their personal income in taxes. This is below the national median of 9.72 to 9.67 percent. In 2002, Missouri ranked 42nd at 9.52 percent of personal income in state and local taxes. Of its neighbors, only Oklahoma (44th) and Tennessee (49th) rank lower than Missouri in taxes as a percentage of personal income.
  • 41st in state and local taxes per capita. The average Missouri citizen paid $3,388 in state and local taxes for fiscal year 2012, below the national median of $4,053 to $3,988. In 2002, Missouri ranked 35th in taxes per capita.
  • 32nd in sales taxes (all general and selective sales taxes) as a percentage of personal income at 3.16 percent and 39th in per capita sales taxes.
  • 25th in individual income tax as a percentage of personal income at 2.27 percent and 27th per capita.
  • 44th in corporate income plus franchise taxes as a percentage of personal income at 0.18 percent and 45th per capita.
  • 38th in property taxes as a percentage of personal income at 2.39 percent and 36th in property taxes per capita.
  • In other revenues, Missouri ranks:
  • 27th in miscellaneous general revenues as a percentage of personal income and 34th in miscellaneous general revenues per capita.
  • 25th in debt outstanding as a percentage of personal income at 19.24 percent and 28th per capita.
  • 25th in federal revenues as a percentage of personal income at 4.75 percent and 27th in federal revenues per capita.

Topics

  • Individual income tax
  • Sales and gross receipts taxes
  • Corporate income tax
  • Franchise tax
  • Liquor tax
  • Utility revenue
  • Estate/inheritance tax
  • Federal revenues
  • Interest and investment income
  • Licenses, fees, permits, fines and penalties
  • Net lottery proceeds
  • Bond sales

Pages

  • 14