Mike Malloy - The Consequences Of Republican Tax Cuts
Kansas lawmakers in June approved the largest revenue increase in state history thinking they’d closed a $400 million hole created by income-tax cuts Republican Governor Sam Brownback pushed through three years earlier. They hadn’t.
The state took in $66 million less than expected in the three months ending Sept. 30, and the turmoil is expected to worsen next week when a panel of economists issues its annual projections. They are likely to confirm the need for the Republican-controlled legislature to adjust the budget again because promised benefits from the decrease in taxes still haven’t materialized.
"The income-tax cuts passed in 2012 and ’13 were way too steep and way too quick," said Senator Jeff Longbine, a Republican from Emporia. "The revenue continues to decline and we have to do something."
Full story:
http://www.bloomberg.com/news/articles/2015-10-29/kansas-tax-patches-fail-as-tea-party-experiment-riles-residents
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