State Revenues Way Below Hancock Amendment Limits

A new audit released by Auditor Tom Schweich's office shows that Missouri tax revenues are well below the limits set forth by the Hancock Amendment in 1980.  Here's the money graf: 

For the fiscal year ended June 30, 2010, our review determined no refunds were due. In fact, total state revenue was $4.4 billion under the refund threshold. In addition, the Office of Administration, Division of Budget and Planning determined that net taxes and fees increased by $1.9 million, well below the $96 million annual limit.

For all of the hot air in Jefferson City about how Missouri is just two steps away from devolving into a socialist wasteland, it's worth remembering that we live in a low-tax/low-service state (our corporate taxes are especially low).

Indeed, in the most recent data I can find in a quick online search (see here and here), Missouri ranks around 46th in tax revenue per capita when compared to other states.