SB 509 has passed the Senate and is currently being heard in the House.
SB 509 is an income tax reduction bill that is designed to reduce personal income tax and drastically reduce business income tax. Although this income tax cut has imposed increased net general revenue triggers of at least $150 million, many economists contend a trigger set at a 3% net general revenue increase, or roughly $250 million, would be a better set point to more safely allow for income tax reduction while at the same time protecting general services and obligations. Additionally the current fiscal note attached to the bill estimates a revenue reduction of $620 million.
Currently our schools are underfunded by approximately $660 million. In the bill’s present form there exists no mechanism to ensure schools will receive funding as promised by the legislature in 2005. It is understandable that no one could have predicted the recession that followed in 2008. But as we slowly emerge from recession our focus should be on making sure we are providing our schools with the resources needed to ensure all our students receive an adequate education. Underfunding of the formula has lead to increased disparity between districts in our great state.
A strong education system designed to give our children the tools they need to become successful adults is a primary infrastructure need. Please urge your Missouri Representative to protect our schools and vote against bill SB 509.
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