Kansas Misses Revenue Targets, Faces Budget Crunch
Lawrence News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Kansas Misses Revenue Targets, Tax Cuts and Economic Factors Blamed: State falls short by $69 million in March, underperforming by 10.7% compared to projections. Corporate income taxes plummet, contributing to a trend of missed targets in three of the last four months. Economist Donna Ginther attributes the shortfall to Kansass reliance on struggling ag and manufacturing sectors. Tax cuts from last year disproportionately benefit millionaires, with average breaks of over $51,000 each. Interest earnings on surplus funds have partially offset the shortfall, but ending balances are shrinking fast, and interest wont offset misses much longer. The new budget could overspend by up to $475 million next year if trends hold. Governor Kelly criticizes lawmakers for rushing the budget before seeing April numbers, calling it reckless stewardship of taxpayer cash.
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