JEFFERSON CITY, Mo. — This August voters will decide on whether or not to phase out Missouri’s income tax. The ballot question comes amid a new report which shows state revenue is declining.
The revenue the state collected last month was down 11 percent compared to May of last year 2025. The state budget director reported the net general revenue collections for the fiscal year to date were down by 2.1 percent.
A big chunk of the decline was seen in the amount of taxes paid by businesses… with corporate tax revenues down by 21 percent for the year. A decrease in revenue of 19 percent for so-called “Pass through entity” taxes…