We Need Historic Tax Cuts, Not Tax Credits
Saint Louis, the destination of more than $1 billion in state tax credits since 2000, may soon be home to a few more. The St. Louis Post-Dispatch reports that the city is about to conduct a search for all of its historic buildings. It is likely that the uncovered structures will become eligible for Historic Preservation tax credits.
This program sounds great for property developers, but what about everyone else? Shouldn’t Saint Louis concern itself with rejuvenating the entire city, not just a few old properties? Here is an idea: eliminate the earnings tax. It would be like a tax credit for everyone. It might even attract more businesses to the city, bringing economic growth.
For Show-Me Institute material on eliminating the earnings tax, click here and here.