Guest column: Tax cuts will help the hardworking families of Missouri

In many ways, our country was built on the back of a strong middle class. Post World War II America saw unprecedented economic growth, much of which can be attributed to a country where if you worked hard, you had an opportunity for a better life. We had a government that didn't hinder progress, but rather stood back and let it run its natural course.

For many citizens, those times are a distant memory, and it's hard to imagine them returning. Over the last decade, the cost of living has skyrocketed, from groceries to the endless cycle of gasoline price increases. Raising a family has never been more expensive.

It will cost an estimated $240,000 to raise a child born last year. If you include college, it goes up to around $300,000. That means a family with two children will pay almost half a million dollars over the course of almost two decades for each child. Then they have to find the money to send them to college so their children will have an opportunity at a better life.

Meanwhile, wages have not kept up. Those lucky enough to have a job have seen little to no salary increases. Citizens who lost their jobs as a result of the 2008 financial crisis are even worse off. Thousands of jobs were lost in this state, and the majority of the ones replaced are low wage. On top of all this, we have government officials asking for more and more tax dollars.

I have personally talked to numerous young married couples that tell me they're putting off raising a family because they don't know if they can afford it. A once joyous decision has been reduced, out of economic necessity, to a matter of number crunching for too many people.

I believe, as elected officials, we need to find ways to revitalize our middle class and to pass measures that benefit the majority of citizens. We need to restore the promise of opportunity that defined previous generations.

It was with this in mind that I co-sponsored a measure aimed at giving the middle class citizens of our state desperately needed tax relief. Senate Bill 513 would create an income tax credit of $400 per child for individuals who make up to $46,000, and married couples who earn under $92,000. Any one over those marks would be ineligible. The credit is also nonrefundable, which means the state would never pay out for this credit, but would only subtract it from income taxes owed.

The legislation is truly aimed at providing tax relief to the middle class. Around 40 percent of individuals who make between $10,000 and $46,000 a year would qualify; almost 60 percent of joint filers would be eligible. Together, the tax credit would benefit nearly 50 percent of Missouri tax filers.

For instance, a married couple making $50,000 a year, which is close to the median household income in Missouri, regularly owes the state about $2,800 in taxes a year. This credit would save them about $800 of that, or almost 29 percent. Those dollars could then be injected back into our economy, through consumer shopping in local businesses, which in turn encourages more growth.

During my time in the legislature, I've seen many bills that would benefit high-wage earners and wealthy businesses in our state. And while I believe broad-based tax relief is important, I also think we need to find ways to help those who are hurting most right now -- families who work hard, do the right thing, and still can't get ahead. If we're truly serious about revitalizing our state, we need to focus on helping the most people we can. This bill does that, and I'm proud to co-sponsor the measure.

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In other news, the state of Missouri funds a program administered by the Alzheimer's Association to help families afford respite care and medical supplies and products. Qualifying applicants can receive up to $500 annually. Families can choose to have the medical supplies delivered to their home, or can use the funds to make arrangements for outside or in-home care.

There are currently funds available through this program for Southeast Missouri families. To learn more information, contact the Alzheimer's Association's 24-hour helpline at 800-272-3900. I urge families dealing with the tragic circumstances of this disease to reach out to this wonderful organization.

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I always appreciate hearing your comments, opinions and concerns. Please feel free to contact me in Jefferson City at 573-751-2459. You may write me at Wayne Wallingford, Missouri Senate, State Capitol, Jefferson City MO 65101, or email at wayne.wallingford@senate.mo.gov or senate.mo.gov/wallingford.

Wayne Wallingford, R-Cape Girardeau, is the state senator for Missouri's 27th District.