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Let's cut taxes on businesses and wealthy
2001400ex
Member Posts: 29,457
in Tug Tavern
Cutting taxes results in higher tax revenues. That's what my conservative politicians and news sources tell me. Except when it doesn't.
"The Department of Revenue reported tax collections of about $391 million in March, when officials expected $402 million, a shortfall of 2.8 percent. Since the current fiscal year began in July 2014, the state has collected almost $4 billion in taxes — still $48 million, or 1.2 percent, short of expectations.
Republican Gov. Sam Brownback and the GOP-controlled Legislature must close a budget shortfall projected at nearly $600 million for the fiscal year that begins July 1. Senators and House members are negotiating over a $15.5 billion spending plan and anticipated having to raise about $140 million in new revenues.
The budget shortfall arose after Brownback pushed lawmakers to cut personal income taxes in 2012 and 2013, to stimulate the economy. The state cut its top rate 29 percent and exempted 281,000 business owners and 53,000 farmers altogether."
https://www.yahoo.com/news/kansas-collected-11m-less-taxes-expected-month-231810898.html
"The Department of Revenue reported tax collections of about $391 million in March, when officials expected $402 million, a shortfall of 2.8 percent. Since the current fiscal year began in July 2014, the state has collected almost $4 billion in taxes — still $48 million, or 1.2 percent, short of expectations.
Republican Gov. Sam Brownback and the GOP-controlled Legislature must close a budget shortfall projected at nearly $600 million for the fiscal year that begins July 1. Senators and House members are negotiating over a $15.5 billion spending plan and anticipated having to raise about $140 million in new revenues.
The budget shortfall arose after Brownback pushed lawmakers to cut personal income taxes in 2012 and 2013, to stimulate the economy. The state cut its top rate 29 percent and exempted 281,000 business owners and 53,000 farmers altogether."
https://www.yahoo.com/news/kansas-collected-11m-less-taxes-expected-month-231810898.html
Comments
I don't follow Kansas fiscal policy too closely anymore...are you trying to extrapolate this case study on a state level and apply it nationally?
No comprende
The rich pay less in taxes than they have since the 20s, yet they still whine.