This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Kan. Senate Panel Reviewing Governor's Tax Plan

By JOHN HANNA

TOPEKA, Kan. (AP) â¿¿ Revenue Secretary Nick Jordan told legislators Tuesday that Kansas must further reduce individual income tax rates to remain economically competitive, but he faced questions about whether it's fair to the poor to offset those cuts by scrapping deductions for homeowners and raising additional sales tax revenues.

The Republican-dominated Senate Assessment and Taxation Committee opened hearings on tax proposals from conservative GOP Gov. Sam Brownback, expanding two planned days of testimony to three almost immediately so members would have more time to question Jordan. Brownback wants to phase in additional cuts in individual income tax rates over three years, following up on aggressive income tax cuts last year.

But to keep the budget stable, he also wants to eliminate popular income tax deductions for the interest on home mortgages and residential property taxes. He also wants to keep the state's sales tax at its current 6.3 percent rate, rather than dropping it to 5.7 percent in July as dictated by a budget-balancing measure enacted three years ago.

Jordan said the governor's goal is to phase out individual income taxes. Republican governors and legislators in other states, including Louisiana, Missouri, Nebraska and Oklahoma, also are talking about slashing state income taxes in the wake of Kansas' cuts last year. Leaders in all the states say they believe it would spur their economies.

"The goal of the tax policy the governor is working on is, let's grow the Kansas economy," Jordan said. "The competitiveness has grown around the country."

But Brownback's plan is drawing criticism from the Washington-based Institute on Taxation and Economic Policy, a nonpartisan research group. Before hearings started Tuesday, the institute provided The Associated Press with an analysis showing that with the sales tax provision, the plan would boost taxes slightly for Kansans earning less than $20,000 a year while giving the most relief to Kansans earning more than $180,000.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs