It is a reversal, in many ways, of recent trends toward deep tax cuts, led by states like Kansas, where Gov. Sam Brownback (R) and the Republican-dominated legislature slashed rates on individuals and businesses in hopes of spurring economic growth. Kansas now faces a $350 million budget hole this year, and a likely $600 million gap next year.
This year, a coalition of centrist Republicans and Democrats are plotting new tax hikes to plug those holes. The legislature is likely to roll back a tax cut on small businesses Brownback signed in 2012, while also raising gas taxes.
Other states have taken notice of Kansas’s budget woes, effectively putting the brakes on some efforts to adopt similar tax cuts.
At least eight other states, including Tennessee, Arizona and Missouri, are considering raising gas taxes specifically aimed at paying for transportation and infrastructure projects. As vehicles become more fuel efficient, gas taxes have produced less revenue, squeezing state budgets.
Ask Trump and the people that voted for him.One would think over three decades of Laffer failure would be enough for the Repubs, but apparently not so.
How can anyone believe cutting revenue and increasing expenditure, is the way to run government? :doh
That is very true.Ask Trump and the people that voted for him.
That is very true.
His stated M.O. seems to be:
Tax cuts for all, especially the wealthy and corporations, and huge unbudgeted spending on infrastructure, wall, etc.
And no one seems to think this might be an impossibility, for some reason. Like we live in some alternate reality universe.
One would think over three decades of Laffer failure would be enough for the Repubs, but apparently not so.
How can anyone believe cutting revenue and increasing expenditure, is the way to run government? :doh
One would think over three decades of Laffer failure would be enough for the Repubs, but apparently not so.
How can anyone believe cutting revenue and increasing expenditure, is the way to run government? :doh
Nebraska legislators are debating a deeper shift in the state’s tax code. One faction in the ostensibly nonpartisan unicameral legislature wants to reduce income taxes while raising sales taxes. Another wants to shift emphasis from property taxes to sales taxes. Gov. Pete Ricketts (R) has said he would like to cut both property and income taxes, though the state faces a $900 million shortfall.
And then they criticize Hilary for planning to run a deficit.
A real fiscal conservative doesn't believe that. your supposed to also decrease expenditure for it to work. unfortunately dems and reps both love to spend our money.
:lamoYa gotta wonder where this fellow's brain is. I can hazard a good guess though.
Red states mull higher taxes | TheHill
:lamo
Holy geez!
I can only wonder when those that vote for guys like this, see stuff like this, what the hell do they think of it? Do they care?
Red states mull higher taxes | TheHill
Guess the tax cuts for the wealthy did not bring in anything but deficits.
Only about the next election:lamo
Holy geez!
I can only wonder when those that vote for guys like this, see stuff like this, what the hell do they think of it? Do they care?
There are two issues here. Gas taxes and revenue taxes. Gas taxes have fallen behind mostly due to increased efficiency, and the cost of highway construction has gone up. (Not insignificantly due to delays due to red tape).
Kansas's general tax cut failed to attract ecomomic activity mostly because the national economic picture is not robust enough to make factories to want to move, or more likely, expand in Kansas.
Most moves aren't "moves" but expansions, but with a 2 1/2% economy, why bother? Moves are expensive and don't increase sales. You expand into cheaper real estate, lower taxes, better infrastructure, proximity to markets to support increasing sales volumes.
what would be the clue that industry needs to expand in the face of falling sales volumes? Most of us already have too much stuff, it is very easy to just stop spending for non-necessities which hurts the economy.There are two issues here. Gas taxes and revenue taxes. Gas taxes have fallen behind mostly due to increased efficiency, and the cost of highway construction has gone up. (Not insignificantly due to delays due to red tape).
Kansas's general tax cut failed to attract ecomomic activity mostly because the national economic picture is not robust enough to make factories to want to move, or more likely, expand in Kansas.
Most moves aren't "moves" but expansions, but with a 2 1/2% economy, why bother? Moves are expensive and don't increase sales. You expand into cheaper real estate, lower taxes, better infrastructure, proximity to markets to support increasing sales volumes.
what would be the clue that industry needs to expand in the face of falling sales volumes? Most of us already have too much stuff, it is very easy to just stop spending for non-necessities which hurts the economy.
And for about the last 15 years I have seen new commercial construction in areas that are already overbuilt...
Red states mull higher taxes | TheHill
Guess the tax cuts for the wealthy did not bring in anything but deficits.
that's not true. they were welcomed by the 'over taxed' wealthy
Fixed that for you... a rather hollow claim since the only sector of society increasing wealth at a rather impressive rate is the 'over taxed' wealthy...eace
Sorry, what's a $350 million dollar budget hole to a state like Kansas? How many single Americans have over $350 million? Their unemployment rate was 4.3% as of November.
you do understand that just because the wealthy are making more money-that does not prove they are undertaxed? see some of us believe that taxation should bear at least some relevance to the benefits you get for those taxes.
You get a system rigged to keep the wealthy making money far in excess of the vast majority of Americans. I do believe most 'poor' wealthy folks rig their incomes to dodge income tax... I can't cry for a group outpacing the rest of society even as the invisible hand drove the economic bus off the nearest cliff...eace
that's called investment. smart investors can double their money every 7-8 years. I know I do. and when you have more income than expenses, you can invest. I don't know how you get off claiming the rich dodge income taxes given those of us on the top 1% make about 20% of the income and yet pay about 40% of the income taxes. SO obviously MOST of the top one percent aren't doing much of a job in dodging income taxes.
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