Brownback signed the law today. Just like that, I'm a job creator. Wow. Farm income exempt from taxes, sole proprietorship exempt, highest tax rates reduced, dividends exempt. OK, that's me, a farm, a one man sales company, I DON'T PAY STATE TAXES NOW! I'm a freak'n job creator now.
Currently, the state has a surplus. This new tax code saddles us $2.5 billion in debt, double per capita what the California debt is.
The GOP claims it will create 23,000 new jobs and the 2.5 billion will never happen and we will wallow in a surplus of increased taxes spawned by new jobs. Lets look at that, and think through it:
190,000 sole proprietorships are now tax exempt along with $3 billion in farm income
The 23,000 new jobs have to be low paying jobs, otherwise they don't pay tax either, make too much and your a job creator not a tax payer.
It actually works out to be 550,000 new jobs at $50,000 a year are needed. Or 1.5 million minimum wage and part time jobs, that would do it, so long as they don't send their kids to school and run up that cost.
Kansas is screwed. Thanks GOP. When I retire I move, a cousin will till the farm and the Co-op will mail the check. I like making money. I like new bridges, well paid teachers, new fire trucks, smooth streets. I don't mind paying. The GOP is trying to crash the state for the benefit of the rich who can save tens of thousands in state taxes now, it's not right, this tax plan actually raised the tax on the lower brackets as it cut some of their benefits.