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Kansas' Tax Experiment


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#101 ZRod

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Posted 03 October 2016 - 07:09 PM

So when doubling down doesn't work you try to get rid of what is telling you you're going to have a problem? Seems legit...
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#102 zoogs

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Posted 03 October 2016 - 08:49 PM

Goodness gracious. Is Sam Brownback still in office?


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#103 AR Husker Fan

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Posted 09 February 2017 - 01:27 PM

Just an update - this thread mentioned the fiscal issues that Oklahoma has; issues that are the result of the same failed policies of Kansas. Well, it's gotten so bad that Oklahoma legislators are NOT passing their beloved anti-choice bills because - oh, the irony - the state can't afford the cost of the lawsuits that inevitably ensue...and that the state inevitably loses.

 


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#104 TGHusker

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Posted 19 May 2017 - 07:27 AM

This is an old tread - But it appears Kansas isn't the only one with a tax policy that falls short. 

How on the other side of the coin we have Connecticut now discovering that you can't go to the well to often (tax the wealthy).

As always there needs to be a balance.  Cutting taxes too much can hurt and taxing too much can also work against the states overall goals.

The trick is to find the sweet spot between tax levels and spending levels.

 

https://www.wsj.com/...rich-1495186203


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#105 BigRedBuster

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Posted 19 May 2017 - 07:36 AM

This is an old tread - But it appears Kansas isn't the only one with a tax policy that falls short. 

How on the other side of the coin we have Connecticut now discovering that you can't go to the well to often (tax the wealthy).

As always there needs to be a balance.  Cutting taxes too much can hurt and taxing too much can also work against the states overall goals.

The trick is to find the sweet spot between tax levels and spending levels.

 

https://www.wsj.com/...rich-1495186203

There is a happy medium.  Both extremes in taxation (like everything else in life) is not healthy.


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#106 knapplc

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Posted 19 May 2017 - 07:36 AM

Connecticut's issues can't simply be boiled down to "it's a mistake to tax the rich."  They rely heavily on hedge fund earnings and the hedge fund market has taken a downturn.  Had the hedge fund market not turned, it's likely Connecticut's plan would be fine.

 

They are also one of the few states in that region experiencing a population decline. New York, which has a similar tax strategy, is doing fine - not coincidentally, its population is growing. 


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#107 RedDenver

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Posted 19 May 2017 - 09:24 AM

This is an old tread - But it appears Kansas isn't the only one with a tax policy that falls short. 

How on the other side of the coin we have Connecticut now discovering that you can't go to the well to often (tax the wealthy).

As always there needs to be a balance.  Cutting taxes too much can hurt and taxing too much can also work against the states overall goals.

The trick is to find the sweet spot between tax levels and spending levels.

 

https://www.wsj.com/...rich-1495186203

FYI, here's the same article without the need to signup for the WSJ: http://www.foxbusine...axing-rich.html

 

Keep in mind that WSJ is very favorable to Wall Street, so that they would write an article about taxes being too high on hedge fund managers should be no surprise. As for the content, note that "Connecticut, which has the highest per capita income in the country." That's what you'd actually want in your state economy - not at all like Kansas. Sounds like the high tax rate was working well, but they've hit an issue because they're heavily dependent on a single industry (hedge funds) which is experiencing a downturn.


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#108 TGHusker

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Posted 19 May 2017 - 11:07 AM

Connecticut's issues can't simply be boiled down to "it's a mistake to tax the rich."  They rely heavily on hedge fund earnings and the hedge fund market has taken a downturn.  Had the hedge fund market not turned, it's likely Connecticut's plan would be fine.

 

They are also one of the few states in that region experiencing a population decline. New York, which has a similar tax strategy, is doing fine - not coincidentally, its population is growing. 

All true and I can say something similar that is going on here in Okla.  The state started a path of cutting state taxes (a yearly reduction to a certain target rate) in the midst of high oil revenues.  Like Conn, they were to dependent on one industry - oil.  Oil went down, the budget is now facing a $800m shortfall.  The state also gave tax concessions to the wind turbine industry - the actual generation farms not the manufacturing of the turbine.  Those tax concessions was only to be $2m/year.  This past year it was $120m+ approx.  Poor foresight and too reliant on one industry.    So it appears the best plan is the one that encourages diversity in the state economy and the correct balance between spending and taxation.    Yes, Okla was rolling in money for many of the 'fracking' years, yet the opportunity was wasted - our teachers are still some of the lowest paid and our highways and bridges need a lot of work .


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