Cash-strapped legislators have recommended spending cuts for Missouri schools and shelters for battered women, but so far the yachting class can enjoy another season of clear sailing.
Thanks to a longstanding tax exemption, Missouri’s marina set can opt to pay a small fee in lieu of sales taxes and shave as much as $30,000 off the purchase of a $500,000 boat.
That tax exemption alone is depriving state and local coffers of more than $6 million a year, according to some estimates. It’s just one of more than 130 untaxed transactions that are getting renewed attention in Jefferson City because of the state’s continuing budget crisis.
We’re really a joke of a nation, aren’t we?