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Kansas’ revenues fall short due to tax cuts

Kansas Gov. Sam Brownback and the legislature enacted massive tax cuts in 2012, eliminating state taxes on the profits from 191,000 small businesses, including those owned by highly compensated professionals. The top income tax rate was lowered from 6.45 percent to 4.9 percent. The lowest income tax bracket is 3 percent.
We are now seeing the result.
Moody’s Investor Services last week reduced Kansas’ bond rating, citing income tax cuts, pension obligations, the use of one-time revenue to cover operating expenses, and Kansas’ sluggish economic recovery compared to surrounding states. The service announced last week that ...

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