ST. LOUIS (KMOX) – In search of more revenue, a St. Louis Alderman says it’s time to start collecting the one-percent earnings tax on stock options and dividends. Alderwoman Sharon Tyus says the exemption has been in place almost twenty years, and it’s costing the city money.
“Back when the mayor was the 28th ward alderwoman, she sponsored a bill that repealed and took the earning tax off of dividends, and it was told to us by big civic leaders that it was only going to be 300 and some thousand and it has been millions of dollars we’ve lost,” she says.
Tyus doesn’t think taxing stock options would scare away some corporations from the city. She’s calling for hearings to find out exactly how much money the city could gain by taxing stock options.