The State of Kansas, like most states, uses revenue projections to create their financial plans. This August, however, the projection for the state of Kansas turned into a truly bad guess. Wichita Eagle reporter Bryan Lowry summed it up effectively here:
www.kansas.com/…
The shortfall for the month was primarily driven by corporate income tax. The state had anticipated bringing in $10 million in corporate income tax revenue for the month, but took in less than $304,000, a miss of nearly 97 percent.
You guessed it, the state of Kansas had planned to bring in $10M in revenue in August through corporate income tax, but instead only received $304,000.
The situation has reached such toxic levels that in Mississippi legislators were warned to not follow Kansas lead.
m.apnews.com/…
Nicole Kaeding of the Tax Foundation said those two states and the city phased in changes, including cuts in corporate and personal income taxes.
Kaeding told more than a dozen Mississippi lawmakers and a roomful of lobbyists at the Capitol that Kansas is "an example of what not to do in tax reform."
"They basically just slashed revenue in the state," Kaeding said, and that left Kansas officials with little idea of how much revenue the state will collect from year to year.
The damaging news about the economy follows a state wide poll, ordered by the Kansas GOP that discovered nearly 73% of Kansans think the state is heading in the wrong direction and are unhappy with Governor Brownback.
The poll was commissioned prior to the current revenue numbers. Kansas Republican party members have continued to blame outside forces. No state house or senate members went on the record with press sources today, however, indicating it was only a matter of time before their ship comes in.
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