retirement tax Archives - Kansas Policy Institute

Kansas economy falling behind by staying in the same place 0
- Tax & Spending
- March 13, 2023
The Red Queen Hypothesis is a theory in evolutionary biology that species must continuously evolve to compete in their environments and not go extinct. This philosophy can also be applied to the economies of states and countries: those that do not reform to stay competitive will lose residents and opportunities to other states. Recently released
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Tax relief going forward in the Kansas Legislature 0
- Tax & Spending
- February 27, 2023
This last week was “turnaround week” in the Kansas Legislature during which a bill typically has to be approved by one chamber of the Legislature to move forward through the rest of the session. A few bills that would provide tax relief for Kansas families are very-much alive. They’ll still have the pass the other
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Kelly’s budget a malaise of meager tax cuts and hidden spending 0
- Tax & Spending
- January 16, 2023
Kansas Governor Laura Kelly’s recommended budget for fiscal year 2024 totals $24.1 billion across All Funds spending but falls short of providing substantive tax reform. Instead, it offers minor tax changes and large spending increases. Tax Reform Falls Short Kelly has called alternatives to her tax relief policies “irresponsible, reckless tax cuts that threaten our
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Four Reasons for a Flat Tax 0
- Tax & Spending
- December 12, 2022
Over the last year, a “Flat Tax Revolution” kicked off with four states across the country enacting legislation to go down to a single personal income tax rate; Kansas, along with many states, has a graduated system whereby different income levels are taxed at different rates. The Sunflower State would likely benefit from joining those
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Viva la Flat Tax Revolution!0
- Tax & Spending
- November 23, 2022
In their November 2022 Revenue Estimate Report, the Consensus Estimating Group increased their estimate for FY 2023 state general fund receipts by 22.6% compared to April’s estimate, which equates to $9.7 billion total for the fiscal year. At the same time, the actual revenue intake for FY 2022 decreased by 10.6% compared to the estimates
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Kansas lost $295 million AGI in 2020 because of people leaving the state 0
- Tax & Spending
- October 13, 2022
In 2020, Kansas saw nearly $295 million in Adjusted Gross Income (AGI) leave the state. This latest AGI data is from the IRS and reflects changes in their measure of gross income minus deductions, which is the basis for calculating taxes. It’s a tool to track people and their income moving from one state to
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