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Old 06-08-2017, 12:46 AM
 
Location: Kansas/China
3,569 posts, read 1,631,098 times
Reputation: 2436

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New tax increases are part of a budget that was approved. I watched Brownbacks public statement earlier and he was obviously unhappy and didn't take any questions.

Kansas Tax Cut Experiment Comes To An End As Lawmakers Vote To Raise Taxes : NPR

The LLC exemption is gone and rates will increase as following:

"The tax plan sets three income tax tiers: 3.1 percent, 5.25 percent and 5.7 percent. Kansas currently has two rates, 2.6 percent and 4.6 percent, for tax year 2018."

I haven't seen what the income ranges are for the tax rates.
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Old 06-08-2017, 06:36 AM
 
Location: Wooster, Ohio
577 posts, read 468,143 times
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Quote:
Originally Posted by Mattks View Post
New tax increases are part of a budget that was approved. I watched Brownbacks public statement earlier and he was obviously unhappy and didn't take any questions.

Kansas Tax Cut Experiment Comes To An End As Lawmakers Vote To Raise Taxes : NPR

The LLC exemption is gone and rates will increase as following:

"The tax plan sets three income tax tiers: 3.1 percent, 5.25 percent and 5.7 percent. Kansas currently has two rates, 2.6 percent and 4.6 percent, for tax year 2018."

I haven't seen what the income ranges are for the tax rates.
How tax changes would affect Kansans | The Wichita Eagle I would have to see the Kansas tax tables to do an accurate comparison between Kansas and Ohio. However, I suspect that moving from Ohio to Kansas would result in a significant increase in tax burden for me. Kansas sales tax is also higher, and the auto license fee is much higher (no automobile personal property tax in Ohio). Some Kansas counties also have an intangible property tax.
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Old 06-08-2017, 11:21 AM
 
Location: Kansas/China
3,569 posts, read 1,631,098 times
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Quote:
Originally Posted by mshultz View Post
How tax changes would affect Kansans | The Wichita Eagle I would have to see the Kansas tax tables to do an accurate comparison between Kansas and Ohio. However, I suspect that moving from Ohio to Kansas would result in a significant increase in tax burden for me. Kansas sales tax is also higher, and the auto license fee is much higher (no automobile personal property tax in Ohio). Some Kansas counties also have an intangible property tax.
Thanks for the detailed link. So the LLC exemption will retroactively be put into effect starting January 2017 as well as rates increasing for 2017, but the rates will be slightly lower then the aforementioned 2018 tax rates.

That gives me something to think about... not that I agreed with exempting LLCs, but having my tax rate increase 3-5% sucks.

I'm guessing we see the number of LLCs decrease significantly over the next couple years, that doesn't mean the businesses are closing, they are just changing their business organization.
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Old 06-08-2017, 12:58 PM
 
Location: Hays, Kansas
641 posts, read 679,300 times
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Everything I've seen says the increase will still put the rate at a level below where it was when Brownback implemented his experiment.
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Old 06-08-2017, 01:13 PM
 
Location: Kansas/China
3,569 posts, read 1,631,098 times
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Quote:
Originally Posted by empires228 View Post
Everything I've seen says the increase will still put the rate at a level below where it was when Brownback implemented his experiment.
Yes that's true. But our incomes taxes were pretty high before. I think these new rates are fine.
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Old 06-08-2017, 01:22 PM
 
Location: Hays, Kansas
641 posts, read 679,300 times
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Quote:
Originally Posted by Mattks View Post
Yes that's true. But our incomes taxes were pretty high before. I think these new rates are fine.
I didn't think they were bad. I've compared them with other states and we're pretty middle of the road. Our sales tax is where things aren't ok in my book.
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Old 06-08-2017, 02:13 PM
 
1,079 posts, read 237,933 times
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I am glad that sanity was able to finally prevail over Brownback's objections. The damage his stupid voodoo economics experiment did to the state is tragic. It will take years to work out of the hole he created.
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Old 06-11-2017, 05:52 PM
 
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I've never gotten upset about paying taxes. I get more upset about crummy roads, derelict strip malls, underfunded schools, poor public transit, etc. I do hate to see the state try to enact regressive tax policy by loading up the sales tax and cutting back the business tax. I am pleased with the reversal of Brownback's experiment.
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Old 06-11-2017, 10:35 PM
 
Location: Kansas/China
3,569 posts, read 1,631,098 times
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Quote:
Originally Posted by empires228 View Post
I didn't think they were bad. I've compared them with other states and we're pretty middle of the road. Our sales tax is where things aren't ok in my book.
Yeah, sales tax is 9.15% here in Topeka. It's pretty high. I personally prefer a higher sales tax and lower income tax.

Either way, hopefully this helps our state budget get back on track. It will be interesting to see how the state revenues change since they retroactively made LLCs pay income tax. Hopefully they will put out some adjusted monthly revenue reports in the next few months.
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Old 06-12-2017, 11:14 AM
 
Location: Hays, Kansas
641 posts, read 679,300 times
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Well, the states credit outlook has already been upgraded to stable, and they've been talking about finally giving a raise to underpaid state employees. If we can keep Kobach out of the governors office, then I think the state has a fighting chance.
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