Oppose Trump Tax Experiment
Start: Wednesday, November 01, 2017•12:00 PM
Don’t be fooled! Trickle Down Economics is a Trick.
For decades, Republicans have pushed trickle-down tax plans, which seek to create growth through lowering taxes and decreasing regulation. We must tell Congress, enough is enough. Just ask our neighbors in Kansas.
Brownback’s tax experiment was a disaster for Kansans. Governor Brownback pushed reforms through that dramatically cut income taxes across the board, promising this would be a “shot of adrenaline” to the Kansas economy. Instead, we have felt the impact of income tax cuts for wealthy Kansans:
Shrinking revenues ($700 million drop-off the first year alone)
Dramatic cuts to education and infrastructure
Slowed growth compared with neighboring states and the nationwide average
A plummeting bond rating from Moody’s and S&P due to revenue weakness and a “structurally unbalanced budget”, which in turn increased the cost of borrowing money for KS.
Like Brownback, Trump/Pence are proposing simplifying and lowering individual tax rates. Like Brownback, they’re pushing an unusual tax cut for business owners, one critics say opens up a major loophole. And, even more vociferously than Brownback, Trump's team is promising that explosive growth will make up for the cost of their cuts.
Advice to Washington: “Tax cuts alone do not drive the economy. We’ve seen many times in the past this idea that if you just cut taxes for the wealthy you’ll grow everything. That’s not true,” Senator Barbara Bollier, Republican Senator from Kansas.