| Editor: As good corporate citizens, casinos do more than a fair share for military veterans. Yet Missouri legislators now want to increase taxes on casinos to make up for shortfalls in veterans’ homes funding, created when lawmakers tapped those funds for other purposes. The Missouri Chamber of Commerce & Industry says that veterans’ homes are a statewide responsibility, one that should not be borne by “a single sector” such as casinos. We agree. The proposed additional $1 per-patron admission fee would amount to a bottom-line hit of $53 million a year in new taxes for Missouri casinos, which already contribute nearly $500 million in gaming tax revenue a year. Such a hit could necessitate cuts in casino marketing and capital projects. If passed, this tax legislation also could impact jobs at the state’s 12 casinos, which now employ more than 11,000 Missourians. The Missouri casino industry is a strong supporter of military veterans and has been from the start. The gaming industry has contributed more than $160 million in fee revenue to the Missouri Veterans Commission Capital Improvement Trust Fund since gaming began here in 1994. Last year, the veterans’ fund received $6.6 million from the state’s share of casino admission fees, a $2 per-visitor fee that is paid by the casino companies. Individual Missouri casinos also support our military veterans and veterans’ organizations in many other important and personal ways. Casinos sponsor events, volunteer time, donate cash and treat veterans to special meals on holidays. No single business industry in Missouri provides that kind of financial support to veterans programs. In fact, no other industry comes close to the level of overall tax revenue that Missouri casinos provide to the state. Missouri should not single out one industry for increased taxes, particularly not an industry that already generates more tax money for the state than all of the other 60,000 Missouri corporations combined. Missouri casinos currently are taxed at 21 percent of adjusted gross revenue, and casino taxes make up Missouri’s fifth largest source of tax dollars. We honor and support our military veterans and will continue to do so, and we ask legislators to find an equitable source of funding for veterans homes. Mike Winter, Executive Director St. Louis Business Journal ©February 2012 |
Source: Missouri Gaming – Articles