Supply side economics is working in Kansas!

[trenchfoot]

Well I fundamentally disagree with that. The rich get far far far more from the government than any other group. The government is basically owned by them. Given that every piece of legislation most be approved by wealthy stakeholders before seeing the light of day, it is only fair that the rich pay at a rate which reflects their enhanced influence.

In support of your commentary, I'd like to say that the fundamental problem with the bolded text is that the rich don't want to pay their fair share. As proof, just look at the tax code and see how lopsidedly in favor it is for the very rich. It didn't get that way because it was good for the economy and the general welfare of the nation as they keep repeating over and over again through their sock puppet legislators and supreme court judges. It got that way because the rich want, for no other reason, to get ever richer with no self-imposed limit on the amount or what they're willing to do to keep things going in that direction.

They successfully attack the gov't regulations that attempt to keep them honest, they want to shrink the size of gov't to make it more easily corrupted and controllable for themselves, they offshore their manufacturing as well as any and all profits that they couldn't legislate themselves into hoarding without taxation. And all this while not saying a single thing about how the borders should be closed to keep out the illegal dirt cheap labor that they've become addicted to, which obviously drives down the wage line for the hourly working stiff from the bottom up, while they strangle the same working stiff from the top down with their ridiculous trickle down theory that is scam of a ploy that exclusively benefits themselves.

 

[dullard]

Dullard we need to write things off. Expenses.

I think there was a misunderstanding. "* Line 1: Enter your total income from all sources."

I didn't intend to redefine the defintion of income in my post. Income is still revenue minus expenses. Had I said to enter total revenue then that would be dramatically different.

But your posts make it sound like you take the write off thing just a bit too far. I've heard many business people that sound like you. They keep saying things like "well, I'll eat lunch today because I can write it off". No, they are eating lunch because they are hungry and need to survive. Writing off expenses changes the equatation of what is profitable and what is not profitable. But, a good buisness person would do a profitable task whether or not it can be written off.

 

[JSt0rm]

I only write off what my CPA tells me to do. I don't play games with the irs. I don't want that headache for a few thousand.

 

[sm625]

I just read something interesting...

http://www.zerohedge.com/news/2016-...-income-tax-revenues-slam-state-budgets-april

Headline:

Plunging Personal Income Tax Revenues Slam State Budgets In April

States that were hardest hit were Louisiana (down 81.5%, the plunge due in part do a change in the way refunds are issued), North Dakota (down 34.7%), New Jersey (down 14.8%, which as Reuters notes, has a tax structure that depends on wealthy residents - or lack thereof), Illinois (down 28.8%, which is no surprise as millionaires are fleeing the state in droves), and Ohio (down 41.3%).

One state that actually saw some upside was Kansas, which after slashing income tax rates in 2013 is now seeing personal income tax revenues up 23%.

 

[ivwshane]

I just read something interesting...

http://www.zerohedge.com/news/2016-...-income-tax-revenues-slam-state-budgets-april

Headline:

Plunging Personal Income Tax Revenues Slam State Budgets In April

I'm pretty sure most states have seen their revenue increase from 2013, except maybe those that rely heavily on the oil industry.

http://www.pewtrusts.org/en/multimedia/data-visualizations/2014/fiscal-50#ind0

 

[Doc Savage Fan]

I just read something interesting...

http://www.zerohedge.com/news/2016-...-income-tax-revenues-slam-state-budgets-april

Headline:

Plunging Personal Income Tax Revenues Slam State Budgets In April

Kansas needs all the money it can get. Although the budget shortfall is smaller than last year...it's still huge. Voodoo economics fail.

 

[Jhhnn]

Kansas needs all the money it can get. Although the budget shortfall is smaller than last year...it's still huge. Voodoo economics fail.

Agreed. Brownback is now doubling down on stupidity, instituting a witch hunt of accountability thus further hampering state agencies as they try to do their jobs.

 

[trenchfoot]

Need to take a look at those figures that the aforementioned 23% came up from to see if it really is good news for Kansas or it's simply plastering more lipstick on that pig of an economy Brownback is riding on.