Kansas economy shrinks after heavy cuts to taxes and discretionary

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Anonymous
Kansas economy shrinks after heavy cuts to taxes and discretionary spending 2017-07-30 05:31:25 Post No.
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Kansas economy shrinks after heavy cuts to taxes and discretionary spending Anonymous 2017-07-30 05:31:25 Post No. [Report]

As President Trump and congressional Republicans ponder big tax cuts to boost the U.S. economy, Kansas has become a cautionary tale.

>Prodded by Gov. Sam Brownback, a Republican, Kansas embarked on a major tax overhaul in 2012, reducing the top income tax rate from 6.45 percent to 4.9 percent and eliminating income tax on some businesses altogether.

>Convinced they could turn the state into a heartland magnet for businesses seeking to flee high-tax states on the coasts, Republican lawmakers instead punched a huge hole in their budget. Facing mounting bills and shrinking revenue, the Legislature last month defied Mr. Brownback’s veto and moved to reverse some of its cuts.

>Whether the Kansas experiment is a referendum on conservative, low-tax policies is an open question. Obsession with tax rates often obscures other factors in businesses’ decision-making, such as the availability of a good workforce, quality of life for employees, and proximity to airports and other infrastructure, analysts say.

http://www.washingtontimes.com/news/2017/jul/3/kansas-tax-cut-failure-an-economic-warning-to-repu/

Anonymous 2017-07-30 05:32:33 Post No.135487429
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Anonymous 2017-07-30 05:32:33 Post No.135487429 [Report]

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Anonymous 2017-07-30 05:33:03 Post No.135487472
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Anonymous 2017-07-30 05:34:00 Post No.135487559
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Anonymous 2017-07-30 05:34:00 Post No.135487559 [Report]

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>>135487355
>gross GDP matters the most goys
>debt doesn't matter and neither does gdp/cap

Anonymous 2017-07-30 05:34:06 Post No.135487567
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>>135487429

Anonymous 2017-07-30 05:37:41 Post No.135487847
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Anonymous 2017-07-30 05:37:41 Post No.135487847 [Report]

>>135487559
>gross GDP matters
I agree, it's certainly not the only thing that matters. Quality of life, protections for the working class, all of these things matter. However, metrics like GDP and HDI are surrogates for them to some extent.
>gdp/cap
if your gdp shrinks for the state as a whole, then your gdp per capita also shrinks
>debt doesn't matter
it depends what the debt is in and the terms of the debt.
some investments require taking debt.