Senators look to slash business taxes to match other states
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Senators look to slash business taxes to match other states

Date: January 24, 2013
By: Wes Duplantier
State Capitol Bureau
Links: SB11, SB26, SB31

Intro: 
Missouri business owners could see their tax bills slashed if state Republicans in the state Capitol get their way.
RunTime:  0:40
OutCue:  SOC

Wrap: Republican Sens. Eric Schmitt and Will Kraus each want to cut the state's corporate income tax and let business owners to deduct more of their business income from their tax bill.

Schmitt, a Republican from St. Louis County, told a Senate tax committee that lowering taxes are vital to keep Missouri business from setting up shop across the border in places like Kansas or Oklahoma.

Actuality:  SCHMITT2.WAV
Run Time:  00:03
Description: "The fact of the matter is we are in a competition among other states."

But Schmitt's proposal could cost the state millions of dollars in revenue. And Senate Democrats say they might block the tax cuts if it means the state has to also cut vital services.

Reporting from the state Capitol, I'm Wes Duplantier. Newsradio 1120 KMOX.

Intro: 
Missouri business owners could see their tax bills slashed if state Republicans in the state Capitol get their way.
RunTime:  0:40
OutCue:  SOC

Wrap: Ray McCarty, of the Associated Industries of Missouri, said Missouri is in a fight to keep business from moving to other states like Kansas, which is looking to abolish its state income tax. 

McCarty says Missouri doesn't have much time to act.

Actuality:  MCCARTY1.WAV
Run Time:  00:09
Description: "If you wait until after the bomb has already gone off, you know what the damage is. But do you really want to wait until the bomb has gone off or do you want to try to fix it ahead of time?"
 
But the Republican proposals to cut business taxes could cost the state millions of dollars in revenue. And Senate Democrats say they'll block the tax changes if vital state services go on the chopping block.
 
Reporting from the state Capitol, I'm Wes Duplantier. Newsradio 1120 KMOX.