income tax

(via Flickr/Tax Credits)

Last year, Congressional negotiations over the so-called fiscal cliff put year-end tax considerations in flux.

A deal was reached, and though the filing acceptance date was delayed a couple of weeks, the Internal Revenue Service is now accepting most 2012 tax returns.

The IRS did not, however, change the tax due date of April 15, 2013.

Host Don Marsh talked with St. Louis-based tax expert Lance Weiss, CPA, of SFW Partners, LLC.

Joseph Leahy/St. Louis Public Radio

Occupy movement protesters blocked traffic outside Bank of America's regional headquarters Tuesday in downtown St. Louis. The group, including union workers, students, retirees, and clergy, staged a mock-game of dodge ball to protest how, in their view, corporations dodge paying their fair share of taxes.  

Zach Chasnoff, an organizer for the group, says the movement chose the IRS's filing deadline to call attention to an unfair tax system that favors corporations over citizens.

SLPRnews

Among the proposals that Missouri's legislature will consider next year is one that would eliminate the state's income tax.

State Senator Chuck Purgason is sponsoring the legislation. The Republican from Caulfield wants to see Missouri rely solely on sales and use taxes.

He says that would lure more businesses to the state and be a more fair way of taxing residents.

(via Flickr/jglazer75)

Fresh off approving tax breaks for key Illinois businesses, Democrats and Republicans in the Illinois House are racing to end the corporate tax hike imposed this year.

House Republican Leader Tom Cross announced a plan Wednesday to return the corporate rate to 4.8 percent from 7 percent by 2014 - instead of 2025. He and business leaders proposed a step-down plan that in the meantime would lower taxes when the unemployment rate rises.

Tuesday, Democratic Rep. Jerry Costello II of Smithton introduced legislation that would eradicate the corporate hike starting Jan. 1.

(via Flickr/_J_D_R)

Missouri tax revenue is higher than last year, but a dip in individual income tax collections last month has prompted some concern.

Eleven months through the current budget year, revenue has increased from last year by 2.7 percent to $6.5 billion. However, the state Office of Administration reported Thursday that individual income tax collections were down 1.4 percent from May 2011 to May 2010.

Illinois Gov. Pat Quinn wants to suspend about $1 billion in state income tax payments to cities and counties unless he gets legislative approval to borrow billions of dollars to pay overdue bills.

Quinn floated the plan in draft legislation he showed lawmakers earlier this week. It was first reported by the Chicago Tribune.

Marshall Griffin, St. Louis Public Radio

With less than a month to go in this year’s legislative session, another proposal is being made to overhaul Missouri’s tax structure.

The resolution would replace the state’s income tax with a sales tax -- and if passed by lawmakers, it would go before Missouri voters next year.

An Illinois lawmaker is pushing to raise the state's minimum wage to more than $10 an hour - higher than anywhere else in the United States.

Missouri Gov. Jay Nixon says proposals to replace the state's income tax with an expanded sales tax is the wrong way to go.

Nixon spoke Wednesday to members of The Associated Press and the Missouri Press Association at their annual Capitol media event.

Nixon says the tax proposals would require raising the sales tax and levying it on purchases that currently are not subject to that tax. He says that is not smart.

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