Gov. Jay Nixon today applauded KTRS Radio for pulling down a misleading radio ad in which Texas Gov. Rick Perry criticizes Missouri and endorses House Bill 253, a fiscally irresponsible measure vetoed by Gov. Nixon that would raise taxes on prescription drugs, defund public schools, and jeopardize Missouri's perfect AAA credit rating. In a statement, KTRS Radio General Manager Mark Dorsey said "we feel the need to stand strong with other small locally owned businesses and defend our region."
Local business groups including the Springfield Chamber of Commerce, the Columbia Chamber of Commerce, the Kingdom of Callaway Chamber of Commerce and the Civic Council of Greater Kansas City have joined Gov. Nixon in opposition to House Bill 253 because of its negative impact on public education and other vital public services. However, the Missouri of Chamber of Commerce is hosting Gov. Perry at an event next week.
"I applaud KTRS Radio for taking this stand on behalf of Missouri businesses. Once again, Rick Perry needs to get his facts straight," Gov. Nixon said. "Compared with Texas, Missouri has lower sales taxes, lower property taxes and higher student test scores - advantages that continue to attract jobs and investment from global brands like Boeing, Monsanto, General Motors, Ford, Expedia and Cerner. That's why a growing number of local business groups are coming out against the risky experiment that would undermine Missouri's competitive business climate and raise taxes on prescription drugs. Here in Missouri, we will continue to support businesses and grow our economy with proven fiscal stewardship and smart, strategic investments."
Here are the facts:
Missouri has lower sales taxes. Missouri's state sales tax rate is 4.225 percent. Texas has a sales tax rate of 6.3 percent. [Federation of Tax Administrators]
Missouri has lower property taxes. Missouri's property taxes ranked 6th best in the nation. Texas ranked 32nd. Missouri collects $960 in property taxes per capita. Texas collected $1,562 in property taxes per capita.
Missouri has a more favorable corporate tax climate. The Tax Foundation ranks Missouri's corporate tax climate 8th. Texas is ranked 32nd. [Tax Foundation]
Missouri has a perfect AAA credit rating from all three rating agencies. Missouri's "Triple Triple" rating includes a AAA rating from Standard & Poor's. Texas has an AA+ from Standard & Poor's.
Missouri has lower fuel taxes. Missouri's fuel tax is 17 cents per gallon. Texas imposes a 20 cent per gallon fuel tax. [Federation of Tax Administrators]
Missouri has higher test scores. Missouri's has higher overall ACT scores. [2013 ACT]
Missouri has a higher percentage of high school graduates. 87.6 percent of Missourians have a high school diploma, compared to 81.1 percent of Texans. [US Census]