Office of Budget and Planning: Sinquefield Sales Tax Hike Could Cost State $1B Per Year

In the Star's story about Auditor Tom Schweich's refusal to give voters his assessment of what Rex Sinquefield's sales tax hike petitions would cost the state, reporter Jason Noble notes that the state Office of Budget and Planning did provide an estimate as to how Rex's plan would impact state revenues: 

A a 7 percent rate, the new tax would generate $6.28 billion in revenues. That’s a little over a billion dollars short of what would be needed for state income to remain constant from current figures.

About $7.29 billion would have to be replaced by the new sales tax, Budget and Planning reported, necessitating a tax rate of 8.13 percent.

Note that this does not include whatever revenue would be required for a prebate scheme that "fair tax" supporters after talk about to address the regressive nature of a higher and more expansive sales tax.