Another tax plan debate put offAustin Harris
Another day, another tax plan, another abrupt halt.
House Republican leaders Wednesday had teed up for debate a tax proposal that advanced from a conference committee Tuesday evening.
But right before debate was to start, Republican leaders postponed action, saying negotiations were continuing with Gov. Sam Brownback, who earlier this session vetoed a bi-partisan tax plan.
As the wrap up session started Monday, Legislators faced an approximately $900 million budget deficit and possibly hundreds of millions of more dollars to resolve a school finance court order.
The plan that made it out of conference committee on Tuesday would have increased the marginal tax rates on the lowest bracket from 2.7 percent to 3 percent and the top tax bracket from 5.45 percent to 5.6 percent. The bill would be structurally the same as a previous draft, with the rates moving up half in 2017, then the full amount beginning in 2018.
Revising the rates on those two brackets increased the revenue projections close to $100 million dollars, putting the number a little over $500 million in 2018 and $550 million in 2019.