Posted on 06/29/2014 2:14:53 AM PDT by Olog-hai
Kansas has a problem. In April and May, the state planned to collect $651 million from personal income tax. But instead, it received only $369 million.
In 2012, Kansas lawmakers passed a large and rather unusual income tax cut. It was expected to reduce state tax revenue by more than 10 percent, and Gov. Sam Brownback said it would create “tens of thousands of jobs.”
In part, the tax cut worked in the typical way, by cutting tax rates and increasing the standard deduction. But Kansas also eliminated tax on various kinds of income, including income described commonly—and sometimes misleadingly—as “small-business income.” Basically, if your income results in the generation of a Form 1099-MISC instead of a W-2, it’s probably not taxable anymore in Kansas. …
(Excerpt) Read more at nytimes.com ...
if the NY Times says it’s bad it must be good
For the author: if people have more of their own money, they spend more, and often! This means, dunh dunh dunnnh, more tax revenue!
Amazing!
Because of the obammy economy fewer people are working, hence less tax income for the state.
In a thriving economy the tax cuts would work as advertised.
Standard New Yawk Times procedure - dump on Republican states
... while completely ignoring the destructive policies of the Democratic idiot in the Black House
I love that the NYT thinks it’s a bad thing that we Kansans get to keep more of our own money! Typical hit piece, right on schedule as Sebilius (yes, that one) is coming to campaign for the Democrats.
Does Josh address that in his editorial?
Good.
Less tax revenue is good - no, it’s great.
The whole argument that cutting taxes gives DC more money to ruin us with is both dishonest and retarded.
If cutting taxes grows the State, I’m against it.
Most cowboys in Kansas are independent contractors, hiring out themselves, their horse, and their ATV to any rancher needing help. They receive a 1099 with their wages. The same applies to people in the building trades, the lawn care business, and many other service industries.
Those people are going to going to make rational decisions as I did when I retired from the military. Missouri taxes military retired pay, Kansas does not (1099-R). I live in Kansas. Many more people are going to move to Kansas where they will pay property taxes, sales taxes, etc. There will be a lag while this shift occurs, but I think that Kansas benefits in the long run.
Texas has no income tax at all, even on W-2 employees. People are flocking to Texas, the economy is booming and the New York Times is very concerned.
Does the NYT even know where Kansas is?
And the revenue wasn’t grow exponentially over-nite, but don’t let that stop a short-sighted Democrat Reporter who thinks they should immediately raise taxes and get more revenue...
Not that I saw.
Gosh, government is going to have to get my with LESS MONEY??
Oh the horror.
Even worse, less money recouped from income taxes. Of course, the NYT doesn’t say exactly who “expected” to get this much tax revenue and/or for what purpose.
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