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Kansas' Experiment with Reducing Taxes Ends in Failure, Republicans Override the Governor's Veto

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

NewNic writes:

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: 1) by khallow on Friday June 09 2017, @11:55AM

    by khallow (3766) Subscriber Badge on Friday June 09 2017, @11:55AM (#523011) Journal

    2) Most other countries continue to use that same currency to trade and hold large amounts of it.

    If the US massively inflates its currency, 2) stops happening. So the US is significantly limited to what money creation it can do (basically what the export-oriented countries like China and Japan are willing to sop up).

    6.5 trillion per year...

    No, that's over the life of the military service. I'm sure the accountants gave up after a few decades, but it's not all generated in a single year else we would have far more epic problems. Further, this is just typical government accounting (and probably done in large part to hide funding to intelligence projects throughout the government, hence, unlikely to ever stop). There is no branch of the US government that would do better and the entitlement programs hide worse problems IMHO.