How will you spend your tax cut?
Proponents of the huge Kansas tax cut hope we citizens will spend the extra money … and small businesses will use it to expand and hire people. Opponents worry that whatever we do with that money, the state budget is headed for big deficits.
Sample tax cuts from the Kansas Department of Revenue show a savings of $570 a year for a married couple with one child filing jointly and earning $65,000. For a single parent with one child and an adjusted gross income of $20,000 the saving is $43 a year. For a single taxpayer making $17,000 the saving is $27 a year.
For higher Kansas wage earners, a tank or two of gas a month. For those earning less, a tank of gas a year.
I use the gas pump comparison because everybody has to pay about the same price. I think it presents a useful illustration of how the tax cuts will impact individual Kansans’ finances.
Our thought for today is from Arthur Godfrey:
“I’m proud to be paying taxes in the United States. The only thing is I could be just as proud for half the money.”
Tags : Locations : KansasPeople : Arthur Godfrey