Kudos to Missouri legislature overriding Governor Nixon's tax cut veto... (Washington: credit, month to)

[SPonteKC]

Originally Posted by Flyover_Country

High-tax states drive away private business and the jobs that go along with them to lower-tax states.

False. Empirically (and easily) disproved.

[SPonteKC]

Originally Posted by MUTGR

What FLYover said. More simply, allowing Missouri taxpayers to retain more of their earnings is always a good thing in my book. It's also not easy overriding a governor's veto to do it, so that's a win-win in my book.

Maybe you missed the fact that while they are cutting 600 million (mostly from upper income tax brackets), they are trying to pass an 800 million sales tax hike (which would mostly be paid for by citizens in KC and StL) to pay for roads in rural MO.

[Flyover_Country]

Originally Posted by Versatile

Go eat some mushrooms. Act like an adult.

I fear that Mo is going the route of Ks and we easily see where they are coming up short on the budget.
Tell me we are not.

You need to be the adult and actually look at the budget numbers. They clearly tell a much different story than you think.

Kansas expects to run a couple hundred million dollar budget surplus in FY2015, according to their budget department. (http://budget.ks.gov/publications/FY...-1-16-2014.pdf) They expect about $6.45B in revenues and spending of $6.20B. That does not sound ominous at all to me, it sounds very responsible. They had run surpluses of a similar size for the past couple of years.

Missouri's budget is essentially balanced according to the Missouri Office of Administration which handles the budget. (http://content.oa.mo.gov/sites/defau...0FY%202015.pdf) The big thing I see in the MO budget is that the rate of growth of spending during the last 3 years has grown significantly. Tax collections have gone up about 8.5% from $8.47B to an expected $9.19B from FY2013-15, which is pretty much reflective of the annual growth rate of the national economy. However spending has increased 13% from $8.14B to an expected $9.19B during that same time period. That increase in spending is what could be potentially an issue in Missouri. We'll just have to keep a close eye on the numbers and trends to see what happens.

[Versatile]

Spout of all the numbers you want. Ks was saying about 2 weeks ago they had a $137 milliom dollar surplus and just a week ago they changed that and said they a $90 million dollars short. Time will tell won't it. You guys can attack all you want i will remember it in the future. I remember recently you said you wEre not going to poSt anymore irrc. What happened?

Some around here have the attitude of making personal attacks against anyone that does not agree with them.

[Flyover_Country]

Originally Posted by s.davis

False. Empirically (and easily) disproved.

Okay, then try to disprove it.

I can easily show this IS generally true. First, the top 10 lowest unemployment states according to the BLS (Unemployment Rates for States )

1. ND (2.6%)
2. VT (3.4%)
3. NE and SD (3.7%)
5. WY (4.0%)
6. UT (4.1%)
7. HI, IA, LA, and NH (4.5%).

Now the 10 lowest state income top marginal tax rates:

1. AK, FL, NV, SD, TX, WA, WY (no state income tax)
8. PA (3.07%)
9. IN (3.4%)
10. ND (3.99%)

ND, SD, WY are on both top 10 lists. VT, HI, and IA are higher-tax states (especially HI at an 11% top marginal rate!) and UT, LA, and NH are lower-midpack at around 5.0%. So we have a pretty decent association between lower taxes and lower unemployment, at least that is how it appears to somebody who actually looks at the numbers.

[Flyover_Country]

Originally Posted by Versatile

Spout of all the numbers you want. Ks was saying about 2 weeks ago they had a $137 milliom dollar surplus and just a week ago they changed that and said they a $90 million dollars short. Time will tell won't it. You guys can attack all you want i will remember it in the future. I remember recently you said you wEre not going to poSt anymore irrc. What happened?

^ Sounds like somebody lost a debate.

Also, the story you were referencing was apparently this one: (April revenue report clouds Kansas budget talks - GreenwichTime) They took in $92M less than expected, which according to the article means they'd have about an $90M surplus at the end of the year rather than a $180M one.

Some around here have the attitude of making personal attacks against anyone that does not agree with them.

You told a guy to grow up and eat mushrooms. I think Freud had a term for that kind of behavior...

[nealrm]

Originally Posted by Versatile

Go eat some mushrooms. Act like an adult.

I fear that Mo is going the route of Ks and we easily see where they are coming up short on the budget.
Tell me we are not.

Given that the cuts don't come into play unless there is a $150,000,000 increase in revenue over the high point of 3 prior years. That basically covers the short fall problem.

Again you are talking about items you clearly do not understand. Go read the bill, then start insulting others. So far you are 0 for 2, in your facts on this bill. I suggest more reading and less talking on your part.

[Versatile]

Originally Posted by Flyover_Country

^ Sounds like somebody lost a debate.

Also, the story you were referencing was apparently this one: (April revenue report clouds Kansas budget talks - GreenwichTime) They took in $92M less than expected, which according to the article means they'd have about an $90M surplus at the end of the year rather than a $180M one.



You told a guy to grow up and eat mushrooms. I think Freud had a term for that kind of behavior...

When someone personally attacks me then i think telling them to go eat mushrooms is pretty nice. Don't you like mushrooms. BS gets BS right back at you.

[marigolds6]

The part that bothers me is that it also authorizes the legislature to increase sales tax up to 2% to raise revenue to offset the income tax cut.
Since my wife and I both run businesses, we pay about $1k a year to Missouri in income taxes, but over $10k in sales and use tax. As small business owners, a sales tax increase is going to be crushing while an income tax cut does almost nothing.

[marigolds6]

Originally Posted by Flyover_Country

Kansas expects to run a couple hundred million dollar budget surplus in FY2015, according to their budget department. (http://budget.ks.gov/publications/FY...-1-16-2014.pdf) They expect about $6.45B in revenues and spending of $6.20B. That does not sound ominous at all to me, it sounds very responsible. They had run surpluses of a similar size for the past couple of years.

Projections which no one is buying.
Moody’s downgrades Kansas’ credit rating, citing sluggish recovery and risky tax plan - KansasCity.com
Because they turned out to be very very wrong.
Kansas tax revenue falls $92M below April estimate | Cjonline.com Mobile
"revenue might continue to plummet below expectations well into the fiscal year starting July 1 — possibly creating a two-year shortfall in excess of $300 million."

(Though obviously Illinois' "Let's fund the state with pension IOUs and tax raises" plan is not a great route either, since they were downgraded too.)