Although federal taxes are rising for three-quarters of Americans
this year, many states have spent the last two fiscal years cutting
levies and simplifying their tax codes. Even as high profile battles to
raise taxes in places like California have garnered the press's
attention, from Kansas to Michigan to Oregon and New Jersey, states have
actually been net tax cutters recently after trying for several years
to tax their way out of budget woes.
In total, state legislatures over the last two fiscal years have cut taxes more than they increased them by a net of $4.3 billion, according to the National Conference of State Legislatures. Kansas Governor Sam Brownback has led the way with a budget that reduced the state's income tax rate to 4.9 percent from 6.45 percent, a cut of some $250 million, which will grow to $850 million in fiscal 2014.
Read more: http://www.realclearmarkets.com/articles/2013/01/09/states_like_california_cuts_taxes_even_as_washington_raises_them_100078.html
In total, state legislatures over the last two fiscal years have cut taxes more than they increased them by a net of $4.3 billion, according to the National Conference of State Legislatures. Kansas Governor Sam Brownback has led the way with a budget that reduced the state's income tax rate to 4.9 percent from 6.45 percent, a cut of some $250 million, which will grow to $850 million in fiscal 2014.
Read more: http://www.realclearmarkets.com/articles/2013/01/09/states_like_california_cuts_taxes_even_as_washington_raises_them_100078.html
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