What’s Going On in Other States? Deep Recession and Slow Recovery Many States Enacting Substantial Tax Cuts (ex: Kansas and North Carolina)

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Presentation transcript:

What’s Going On in Other States? Deep Recession and Slow Recovery Many States Enacting Substantial Tax Cuts (ex: Kansas and North Carolina)

Kansas 2013 Tax Changes Cut Personal & Corporate Income Taxes Raised the Sales Tax Cut Tax Credits for Low - Income Families

Kansas Raised Taxes for Lower-Income Families and Cut Them the Most for the Richest

Tax Revenues Are Down in Kansas, Rising in Most States

Kansas Added Jobs More Slowly Than the U.S. as a Whole Since the Tax Cuts Took Effect

North Carolina 2013 Tax Changes Cut Personal & Corporate Income Taxes Expanded the Sales Tax Capped the Gas Tax First State to Eliminate its EITC

North Carolina Raised Taxes for Lower-Income Families and Cut Them the Most for the Richest

North Carolina Tax Revenues Projected to Fall by $650 million Upon Full Implementation

Tax Cuts Have Consequences Substantial Cuts to K-12 Education Cuts to 2- and 4-year Public Colleges Reduced Access to Health Care

Wages for Low-Paid Workers Same as 40 Years Ago

Poverty Remains High

What Can States Do? Make Investments in Health, Education, and Fighting Poverty Boost the Minimum Wage Earned Income Tax Credit

Currently in Place in Twenty-Five States Helps Families Make Ends Meet Encourages and Rewards Work Actively Fights Poverty

OPEN & ACCOUNTABLE BUDGETS Every state budget should have: A Map for the Future Professional & Credible Estimates Ways to Stay on Course

Mississippi Fails to Plan Ahead No Multi-Year Revenue/Spending Forecasts Sporadic and Low-Quality Fiscal Notes No Estimates for Continuing Current Levels of Services