Kansas’ tax receipts at the end of the 2020-21 fiscal year exceeded anticipated revenue levels by $758 million. Gov. Laura Kelly attributed this growth to signs that efforts to strengthen the states’ economy are working. Others say it’s time to cut taxes. “It is time for the state of Kansas to look at lowering its tax rates – sales, personal income, and corporate income – all should be discussed. We encourage the Kansas Legislature and Governor Kelly to look at our Kansas Tax Modernization study conducted by the Tax Foundation,” a statement provided by Kansas Policy Institue said. “It proposes very specific recommendations for reforming the state’s tax code that will bring pro-growth structural transformations to the state.” Some of the recommendations from the Kansas Tax Modernization study include, for individual income tax, indexing tax provisions for inflation, enhancing the standard deduction, allowing an independent choice of itemization, rolling back excessive credits, and eliminating the Social Security tax cliff.
Source: Atchison Globe Now
