[Conservative policymakers] agreed on a new tax plan that will sharply cut income taxes for wealthy state residents while at the same time raising taxes on the poor. The result, predictably, will be a shortfall in state revenue that will undoubtedly force additional cuts to state services.
The Center on Budget and Policy Priorities provides the analysis, but you don’t have to trust the left-leaning think tank for the spin. A newly formed group of retired Kansas Republican legislators are also declaring that enough is enough. The bottom line is this: If you’re wealthy enough and smart enough to structure your business affairs correctly, you can avoid both corporate taxes and income taxes. But if you’re poor, you will have to choose between whether you qualify for the Earned Income Tax Credit, or a state-funded rebate on sales taxes charged on groceries. One or the other! Not both! Because if there is a tax loophole that favors working-class Americans, we’d better close it!