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posted by n1 on Thursday June 08 2017, @08:17AM   Printer-friendly
from the other-people's-money dept.

The Republican-controlled house and senates of Kansas voted to increase taxes and to override the governor's veto of a bill to increase taxes.

The current governor pushed through tax cuts, intended to grow Kansas' economy, but during the tax cuts, Kansas' growth was lower than the country's overall growth.

The increase follows years in which the state was unable to balance its budget, and the funding for education was found to be unconstitutionally low.

In my view, state budgets are likely to take a hit from Trump's stealth tax increase: by reducing funding for programs and forcing the states to step in, the states will have to find extra money to fill the gaps.


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  • (Score: 3, Informative) by AthanasiusKircher on Thursday June 08 2017, @09:00PM

    by AthanasiusKircher (5291) on Thursday June 08 2017, @09:00PM (#522787) Journal

    Doesn't matter that much as long as:
    1) The debts are in a currency the USA can create
    2) Most other countries continue to use that same currency to trade and hold large amounts of it.

    This is insightful, but it's important to note it only applies to governments that control their own sovereign debt. It doesn't, for example, apply to Kansas, which could actually go bankrupt in a meaningful way, because Kansas doesn't control the creation of dollars.

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