Brownback is rolling the dice
Some politicians say the nonpartisan Kansas Legislative Research Department is too pessimistic … in projecting that Governor Sam Brownback’s plan for more income tax cuts would create a 782 million-dollar budget shortfall in July 2018.
Brownback wants to cut income tax rates over the next three years. He proposes to stabilize the budget by eliminating two popular income tax deductions for homeowners and raising additional sales tax revenues. Revenue Secretary Nick Jordan said the researchers don’t account for how further cuts will stimulate economic activity.
That’s where the governor’s opponents have a problem: there are no guarantees that the governor’s plan will actually boost revenues as much as he anticipates. It’s a big gamble, using the state budget for chips.
The Brownback people have their fingers crossed that the dice will come up “7”.
Of course, if the economy turns around quickly, and Lady Luck smiles on us…
Our thought for today is from Bret Harte:
“The only sure thing about luck is that it will change.”