Millennial writer Allison Walter writes:
Faced with the prospect that we might imminently see on the national scale the fiscal devastation we saw in Kansas, it seems useful to recap a couple lessons learned from the colossal Kansas tax disaster that began five years ago:
Brownback and the Kansas Republican-majority legislature decided to put into practice the perfidious trickle-down economic theory that suggests if we cut taxes for the wealthy (i.e. businesses and corporations) somehow we’ll all come out better off. Theoretically, those who receive a tax cut will reinvest that money in the economy, and it will trickle down to those lower on the economic ladder.
Kansas waited five years for this magic to materialize, and all we saw was a budget shortfall of $700 million and public schools being forced to close early….
Too long after it became apparent that the tax experiment had been a massive failure, the legislature voted to restore some of the taxes that had been gutted. The governor vetoed, and his own Republican legislature overrode that veto.
You can read the full article here.