Missouri State Budget
Missouri is currently facing a financial catastrophe. It is predicted that Missouri will face an $1,800,000,000 budget shortfall by 2012. We must act now to increase sales tax revenues that will prevent the approach of this fiscal disaster. To stop this looming financial crisis we must promote unprecedented business expansion in Missouri on a scale we have never known. Massive business growth will increase consumer spending, drive up sales tax revenues, and help prevent this budget crisis. It is imperative that we enact innovative legislation immediately that will lead to enormous increases in sales tax revenue before 2012.
Some states, such as California, are facing bankruptcy. The California State Assembly has continued to raise taxes, expand government, establish tighter business regulations, and drive the State further into debt. Business taxes have risen so dramatically in California thousands of business are actually leaving the State because operating a business in California is to cost prohibitive. The record number of businesses that are leaving California are also causing unprecedented population losses. The loss of residents has lead to the largest decrease in sales tax revenue the state has experienced in several years.
We cannot allow Missouri to become the next California. If we allow more government control of businesses, as has been done in California, Missouri will also face a huge exodus of businesses and residents which will lead to further decrease in sales tax revenue. Practical legislation will prevent Missouri from experiencing the fiscal catastrophe that is taking place in California.
We must lower Missouri surety bond requirements, simplify the Missouri corporations structure, abolish the Missouri Franchise tax, phase out the Missouri Corporation Income Tax, modernize Missouri's business websites, and market Missouri's business message to every business owner searching for a new state for business, especially the ones that are leaving California. We can actually direct a cost effective targeted search engine campaign aimed at the California businesses relocating to a new state.
Many of the businesses that are fleeing the high cost business states are searching the internet for the best state for business. When you search Google for the best state for business you will find that many business polls that rank each state based on their business friendly environment. Missouri ranks very poorly on these polls and our low business rankings will actually impede our economic growth. We must improve Missouri's business rankings in order to attract business that are fleeing the states that punish small business. We can improve our business rankings by enacting revolutionary business legislation that will build Missouri into the best business state in the country.
Building Missouri into our Nation's best state for business will provide the greatly needed sales tax increase that prevent Missouri's upcoming economic crisis. It will also lead to a balanced budget which is required by Missouri law.