Some Republicans are learning the lesson of irresponsible tax cuts. Although income taxes composed almost half of Kansas’ general fund, Brownback said the cuts would grow the economy and attract new business, so that revenue would spring back quickly, essentially paying for the cuts. He had Reagan-era tax guru Arthur Laffer at his back supporting him. But his plan didn’t pan out. Revenues are way down, and job growth remains below the national average. His own budget director says they may have to stop some of the tax cuts from going into effect, according to a New York Times interview. Republican tax cutters in other states want to avoid that fate.
Posted on: Fri, 26 Dec 2014 16:38:36 +0000
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