Basic Math!
June 30, 2014 at 11:35 am
(This post was last modified: June 30, 2014 at 11:37 am by Dragonetti.)
Guess Kansas politicians do understand basic math.
http://www.nytimes.com/2014/06/29/upshot....html?_r=0
Quote:Yes, if You Cut Taxes, You Get Less Tax Revenue
Kansas Tax Cut Leaves Brownback With Less Money
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.
http://www.nytimes.com/2014/06/29/upshot....html?_r=0
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