The following article by David Nicklaus of the St. Louis Post-Dispatch was posted on the National Memo website May 2, 2017:
President Donald Trump seems to want to turn the country into Kansas.
The tax plan Trump outlined last week has echoes of the Sunflower State’s big 2012 tax cut, which precipitated a budget crisis that persists to this day. In large part, that’s because more people than expected took advantage of the state’s generous exemption for pass-through income.
Pass-through income, for those of you who aren’t tax nerds, is business income that’s reported on a personal return. It comes from partnerships, limited-liability corporations and other closely held businesses, including Trump’s own family real estate operation. Continue reading “David Nicklaus Why Trump’s Tax Cut Looks Like Kansas Writ Large”