Editorial: Money-hogging is hurting Missouri's economy

[Sherman A1]

The credit rating agency Standard and Poor’s reports that growing income inequality is making it harder for Missouri and other states that depend heavily on income taxes to pay their bills.

Why is that? When fewer people have more of the money, and when nearly everyone in the state is taxed at the same 6 percent rate, state revenue can’t keep up with the demand for services. And with ever more people needing help from the state (because the people at the top are keeping money that used to be distributed through good jobs), the problem snowballs.

Polls show that at least two in three Americans regard growing income and wealth disparities as a problem. And most think the government has a role in fixing it, though they don’t think it’s as important as creating jobs and paying down the national debt. More about that irony shortly.

For the moment, let us note that most Americans vaguely agree that income inequality is a problem. But when Republicans say that fixing it would mean income redistribution — socialism! — Americans are against that, too

http://www.stltoday.com/news/opinion/columns/the-platform/editorial-money-hogging-is-hurting-missouri-s-economy/article_7555eeba-2277-5c6d-aae8-f741be5865c4.html

[dixiegrrrrl]

1. "because the people at the top are keeping money that used to be distributed through good jobs"

is huge part of problem.

The corporate income tax rate used to be 32-38 %.
Back in the days before tax dodges and hiding money in off shore accounts.

But turning the country into a consumer state instead of a producing state is a huge problem, jobless people don't pay "income" taxes.

Was there NO one in this country, besides Porot, who could see in the near future and predict what would happen to state's revenues if people lost their jobs?

[joeglow3]

2. Did the editorial mention the shit tons of publicly traded companies that have left Missouri?

I can't read it without giving them free data to sell. Missouri (and St. Louis, in particular) have been nailed extremely hard in the last decade with so many companies leaving or getting bought, taking a LOT of high paying white collar jobs with them.