Kansas Tax Reform: A Story of Sustained Progress.

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Presentation transcript:

Kansas Tax Reform: A Story of Sustained Progress

Top Income Tax Rate for Small Business in 2013? A. 0.0% B. 3.0% C. 4.9% D. 6.45%

Sustained Progress YearTax Change 2006 Exempt Business Machinery and Equipment from Property Tax 2006Phase Out Death Tax (by 2010) 2007Phase Out Business Franchise Tax (by 2011) 2008Reduce Corporate Income Tax Rate by 0.35% 2011 Implement Universal “Expensing” for Business Investment 2011 Eliminate Income Tax on “Small Business” 2011Reduce Personal Income Tax Rates (to 3.0% and 4.9%)

Agenda Going Forward Embrace dynamism—create the conditions necessary to induce as much commercial experimentation as possible on Kansas soil. Embrace dynamism—create the conditions necessary to induce as much commercial experimentation as possible on Kansas soil. In Brief: Treat all business and investment opportunities equally. Treat all business and investment opportunities equally. Stop special deals. Establish consistent policies. Stop special deals. Establish consistent policies. Enable social programs through the budget not the tax code. Enable social programs through the budget not the tax code. Make sure spending programs deliver real value for the money. Make sure spending programs deliver real value for the money.