The state of Kansas released September revenue numbers, and to no surprise, targeted income for the states fund fell far short of expectations. The state of Kansas, which has had a disappointing pattern of economic policy fell short again in September, down nearly $45M, bringing the loss for the quarter to $60M dollars.
cjonline.com/…
Kansas collected nearly $45 million less in taxes in September than expected, providing a major blow to state finances and scrambling the budget.
State government now faces a shortfall greater than $60 million, just three months — or one quarter — into the fiscal year. Barring a dramatic turnaround, lawmakers and Gov. Sam Brownback will confront a bleak financial situation when the Legislature returns in January.
Governor Brownback had promised the state of Kansas that his tax plan would be an “injection of adrenaline” that would wake up the Kansas economy. Heading into the election of 2016, however, Kansas economy is nearly a flatline with job creation flat and revenues showing that people aren’t spending into the state.
The continued results of the Kansas economic plan should present a significant problem for some Kansas candidates this year, especially those who have touted the Governor’s plan.
Several senators, but especially Dennis Pyle (KS-SD1), Mary Pilcher-Cook (KS-SD10), Julia Lynn (KS-SD09), Jim Denning (KS-SD08), Jacob LaTurner (KS-SD13), all of whom were seen as champions of the Governor’s tax policy and who now face real challenges should feel especially concerned over the continued bad news for the Kansas economy.
The crisis for the state of Kansas may be worse than we recognize, as the Associated Press reported that the state may have less than 2 days of cash reserves. The story of Kansas revenues seems to write itself every month here in Kansas. Since the governor conducted his economic experiment, the state has seen little job creation, but tons of red ink.
While Kansas elected officials and candidates realize their job come the new year just became much more difficult, the nation has a chance to look at Kansas and take some lessons too.
As Donald Trump criss-crosses the nation, he has marketed the idea that the Kansas tax plan is the right one. Well, America, the results are in.
Advice: you don’t want to be like Kansas.
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