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Politics : President Barack Obama

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To: RetiredNow who wrote (146219)10/23/2014 11:54:45 AM
From: tejek  Read Replies (3) of 149317
 
It was reported in April that tax revenue in Kansas was down 45 percent due to Gov. Sam Brownback's destructive policies. Things were so bad that in August Standard & Poor downgraded the credit rating for the state.

Well, the new revenue figures from June to September are in and it's even worse than imagined:

Revenue numbers for July through September, the first three months of fiscal year 2015, suggest Kansas’ revenue gap is permanent, not temporary. The state anticipated $578 million in personal income tax collections over the summer, but it took in just $524 million, a miss of more than 10 percent. That was nationally atypical; according to the Rockefeller Institute of Government, 14 states have published projected and actual monthly personal income tax receipts through September, and the other 13 all came within 5 percent of expectations. Kansas’ wide miss was probably a result of wading into uncharted territory with its tax reforms. In addition to cutting income tax rates, Kansas made itself the only state with a general personal-income tax that exempts “pass-through income” from tax.

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