TOPEKA ( KSNT ) – Governor Laura Kelly’s tax plan has been introduced to the Kansas House and Senate. The proposed bill could save Kansans over $1.3 billion over four years.
The plan seeks to cut state property taxes, eliminate taxes on Social Security income, increase standard deductions, immediately axe the state sales tax on groceries and other household goods, double the Child and Dependent Care Tax Credit and create a back-to-school sales tax holiday, according to a press release from the Office of the Governor.
Similar to the GOP Flat Tax Bill , individuals with residential property assessed under $100,000 would be exempt from taxation on the property. A report from the Institute on Taxation and Economic Policy (ITEP) estimated the GOP bill would save the wealthiest billionaire in Kansas, Charles Koch, $875,000 per year. According to ITEP, the top 1% of earners would see far larger tax cuts than anyone in the 99% of families.