1. United States
2. Mo.
3. Letter

I urge you to oppose HB425 (Vernetti), SB370 (Moon), HB821 (Chappell), HJR50 (Chappell), SB151 (Brown), SJR31 (Brown), and any similar bills, which phase out or decrease the corporate income tax. I oppose any reduction of Missouri's corporate income tax. As it is, Missouri already has a lower combined corporate tax rate than any of our neighbors. In fact, we are tied for rank 44 out of 50 for lowest combined corporate tax rate so the argument that reducing our corporate tax rate will somehow result in a surge in new jobs and business in the state is misguided and wrong. If corporations, according to the US Supreme Court’s Citizens United decision, are "people" with rights of free speech, and can take their money and give it to political parties, then they should absolutely be paying taxes like the rest of us. This proposed bill would allow corporations to spend more on political causes, something Missourians across the political spectrum disagree with. Proponents claim this tax cut will spur economic growth, but there is no evidence to support this. Other states that eliminated corporate taxes saw little economic benefit while struggling with budget shortfalls. Missouri cannot afford to gamble its financial stability on an unproven theory. Additionally, small businesses, the backbone of our economy, would not benefit from this cut, further widening the gap between large corporations and everyday Missourians. Phasing out or reducing the corporate income tax rate without levying some other form of gross receipts tax will only hurt the State. The only way to make up this difference will be to shift the tax burden to the people. This is gross preference for corporations over Missouri's citizens. It's clear where the priorities of the legislators who support these bills lie. Please oppose these bills.