Kansas House passes bill raising taxes to fix Brownback budget hole [View all]
Source: Reuters
16 FEB 2017 AT 18:08 ET
The Kansas House on Thursday approved a bill raising taxes to plug state budget holes over the objection of Republican Governor Sam Brownback.
The governor on Wednesday blasted the measure, which passed the House in a 76-48 vote, claiming it would “pummel the pocketbook of middle-class families.”
The legislation would raise individual income tax rates and end a business tax exemption, raising revenue by an estimated $590 million in fiscal 2018, according to a legislative analysis.
Tax cuts passed by the Republican-controlled legislature since 2012 have punched holes in the state’s budgets as revenue failed to meet targets for months. S&P this month revised the outlook on Kansas’ AA-minus credit rating to negative from stable citing structural budget pressures.
Read more: http://www.rawstory.com/2017/02/kansas-house-passes-bill-raising-taxes-to-fix-brownback-budget-hole/
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