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Economics Discuss It’s a great day: Kansas legislature pulls the plug on Gov. Brownback’s failed trickl at the Political Forums; Looks like the Koch Bros Laffer Curve fairy dust only lasted five years before it crashed. This question remains to ...

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Old 06-08-2017, 12:49 AM
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Default It’s a great day: Kansas legislature pulls the plug on Gov. Brownback’s failed trickl

Looks like the Koch Bros Laffer Curve fairy dust only lasted five years before it crashed.

This question remains to be answered. "Will D.C. Republicans learn from Kansas Republicans?"

<The Kansas legislature finally put a stop to the predictably failed trickle-down tax-cut experiment it began in 2012.>

<Kansas Gov. Sam Brownback (R) had vetoed a bill that partially reset income-tax rates to where they were before the cuts and closed a huge loophole — importantly, one mimicked in President Trump’s tax plan. But on Tuesday, lawmakers overrode the governor’s veto.>

<That is, the state’s tax cuts exempted pass-through income from state taxation, meaning business owners could “pass through” profits from their business to their personal income tax liability, and pay no tax on that income. You will not be surprised to learn that many businesses took advantage of that loophole. In 2014 alone, that cost the state $470 million in lost revenue.>

<In Trump’s proposed tax plan, pass-through income gets a special rate of 15 percent, which is better than zero, but a huge cut from the top income rate of about 40 percent. In addition to losing lots of revenue from existing pass-through filers, enacting this change at the federal level opens up a huge new tax-avoidance opportunity for high-income people.>

https://www.washingtonpost.com/poste...=.0d67c9ddaac4
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Old 06-08-2017, 01:03 AM
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Default Re: It’s a great day: Kansas legislature pulls the plug on Gov. Brownback’s failed tr

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Originally Posted by treedancer View Post
Looks like the Koch Bros Laffer Curve fairy dust only lasted five years before it crashed.

This question remains to be answered. "Will D.C. Republicans learn from Kansas Republicans?"

<The Kansas legislature finally put a stop to the predictably failed trickle-down tax-cut experiment it began in 2012.>

<Kansas Gov. Sam Brownback (R) had vetoed a bill that partially reset income-tax rates to where they were before the cuts and closed a huge loophole — importantly, one mimicked in President Trump’s tax plan. But on Tuesday, lawmakers overrode the governor’s veto.>

<That is, the state’s tax cuts exempted pass-through income from state taxation, meaning business owners could “pass through” profits from their business to their personal income tax liability, and pay no tax on that income. You will not be surprised to learn that many businesses took advantage of that loophole. In 2014 alone, that cost the state $470 million in lost revenue.>

<In Trump’s proposed tax plan, pass-through income gets a special rate of 15 percent, which is better than zero, but a huge cut from the top income rate of about 40 percent. In addition to losing lots of revenue from existing pass-through filers, enacting this change at the federal level opens up a huge new tax-avoidance opportunity for high-income people.>

https://www.washingtonpost.com/poste...=.0d67c9ddaac4
Republican theories proven failures yet again.
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Old 08-17-2017, 03:05 PM
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Default Re: It’s a great day: Kansas legislature pulls the plug on Gov. Brownback’s failed tr

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Originally Posted by Mikeyy View Post
Republican theories proven failures yet again.
Mikeyy this is the same old "Trickle Down" Crap that hasn't worked ever.. Our dumb ash governor just needed to allow rich friends to make extra capital.. So he went this way.. And the back lash is we the citizens will pay to get out of this hole he made for his rich friends to get richer.

It is all fun and games in the Political sense....

Heck he is going on to become a world wide religious what ever for the Trump Admin... Good Rid-dens and Good By Sammy B.....
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