'Let Voters Decide': Tax Reform in Missouri

A campaign in the great state of Missouri called Let Voters Decide seeks to abolish the state's income tax and replace the lost revenue by expanding the state's sales tax.  Signatures are being collected to put the matter before voters on the November ballot.  The new tax regime is the brainchild of retired investment banker Rex Sinquefield, who explained it in this 2009 essay.  But the long knives are coming out against the idea. On Jan. 26, The Kansas City Star posted an AP story reporting that Mr. Sinquefield had donated another $1.2 million to the campaign, his second such contribution.  An earlier editorial in the paper had already expressed disapproval of the campaign.  The editorial claims that Sinquefield's plan would "eliminate the tax source which brings in 65 percent of Missouri's revenue."  Not only that, but "consumers would pay a 5.5 percent sales tax on food, which currently is exempt."  Across the state from K.C., the editorial board...(Read Full Article)