If We Build Missouri Into Our Nation's Best State for Business, the Businesses Will Come, the Workforce Will Follow, and Sales Tax Revenues Will Increase Dramatically
Innovative business tax reductions will motivate companies to move their entire workforce to the Show Me State. The unprecedented business growth we experience will be followed by a large population increase which will lead to more consumer spending. More consumer spending will result in enormous increases in sales tax revenue for the State. The loss of revenue from the reduction of business taxes will be greatly outweighed by the increase in sales tax revenue. Nevada is a prime example of this proven tax model but I want Missouri's business development efforts to be much more aggressive.
Nevada has experienced a larger population growth than any other state in the country for nearly twenty years in a row. Many economists believe the consistent increase in Nevada's population every year is due to the fact that Nevada has eliminated it's State Franchise Tax and it's Corporation Income Tax. Nevada is a very business friendly state, welcomes new businesses with open arms, and is home to some of the lowest business taxes in the country. Several business polls consistently rank Nevada as one of the best states for business. I believe with the right, practical legislation Missouri can not only match Nevada's success but greatly surpass it.
We can begin this transformation by following Nevada's path of abolishing the Franchise Tax and phasing out the Corporation Income Tax. We can go much farther than Nevada's business development efforts by also reducing Missouri's surety bond requirements, simplifying our corporational structure, modernizing our business websites, and aggressively marketing Missouri's business message with the clear goal of building Missouri into the best business state in the country.
We must also increase sales tax revenue to prevent the economic catastrophe Missouri faces if drastic legislative actions are not taken immediately. Click here to learn more about the future Missouri State Budget crisis.
Before we can expect a surge of new business development and sales tax increases we must enact realistic legislation that will create a regulatory atmosphere that embraces businesses. Building Missouri into the best state for business will generate millions of dollars in new sales tax revenue for the State. It will also create Missouri jobs.
The pioneering business environment we build in Missouri will attract businesses, not only from all over the United States, but all over the world.