Auditor reports that Missouri income far below the ceiling allowed by the Hancock Amendment
Amid the fight in the state Capitol over whether to cut taxes, state Auditor Tom Schweich – a Republican – has issued a report that potentially could lay to rest any notion that Missouri state government is awash in cash.
On Wednesday, Schweich issued his office’s long-awaited findings about whether the state’s income and spending has complied with the 33-year-old Hancock Amendment that restricts how much of Missourians’ personal income can be used to fund state government, and how much fees and taxes can be increased.
Schweich’s bottom line: The state of Missouri’s current general-revenue income is $3.9 billion below the level that would trigger the Hancock Amendment’s requirement that refunds be sent to Missouri taxpayers.
Put in perspective, the state of Missouri could increase its general revenue income by almost 40 percent without being forced to send money back.
https://www.stlbeacon.org/#!/content/31403/schweich_hancock_amendment_061313?coverpage=3441
