AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |
Back to Blog
2021 kansas income tax brackets4/4/2024 ![]() ![]() The standard deduction, which Kansas has, is a deduction that is available by default to all taxpayers who do not instead choose to file an itemized deduction.Įssentially, it translates to $3,500.00 per year of tax-free income for single Kansas taxpayers, and $8,000.00 for those filing jointly. The current values of these deductions for tax year 2023 are as follows: The three most common deductions encountered by taxpayers are the Kansas Standard Deduction, the Kansas Personal Exemption, and the Kansas Dependent Deduction. This would lead to a more prosperous future for the Sunflower State.In addition to marginal tax brackets, one of the major features of the Kansas income tax is deductions. Kansas can promote freedom across the state by right-sizing government and creating a small fiscal burden on its citizens. This would be feasible considering reforms to healthcare during the COVID-19 pandemic to make telemedicine easier. The biggest recommendation on this front in the report was to allow for nursing licenses to be valid across stateliness and to allow for interstate practice within and outside of Kansas. Where Kansas does excel is regulatory policy: the state is ranked number one for lowest regulatory burden largely due to high land-use freedom, comparatively low occupational licensing requirements, and more. This policy comes from controlling the size of government and reducing spending by increasing government efficiency. Maximizing consumer freedom means minimizing taxation. Every tax the government collects is money that a taxpayer could have chosen how they would have best wanted to see fit. This means that Kansas is a less competitive state economically, meaning businesses will look elsewhere before setting roots in Kansas. While Iowa (43) and Nebraska’s (47) scores for this category also dropped, Kansas lags its other neighbors in this regard. ![]() ![]() Looking at fiscal freedom alone, Kansas drops to #38 nationwide. At the same time, Kansas has the third-highest ratio of state and local government employees per 10,000 residents in the nation and also has the third-lowest number of residents per government body. Kansas also has some of the highest effective property tax rates in the nation and uncompetitive marginal income tax rates. A $1 million valued-rural business in a town the size of Iola faces the highest property taxes nationwide for its size. Tax hikes in FY 2015, 2019, and 2020 lands Kansas with a combined state-local effective tax rate of 10.1% – the 22 nd highest in the nation. So what lands Kansas in the middle of the pack? The main reason is taxes. Since 2016, Kansas has steadily declined from being at rank 16. Kansas comes behind South Dakota (5), Missouri (11), Colorado (12), and Oklahoma (19), but ahead of Iowa (29) and Nebraska (33). Where does Kansas rank in its freedom compared to other states? According to the Cato Institute’s recent Freedom in the 50 States study, the Sunflower State comes in at #27. Can people choose what job they want, make a living by their choice, and then hold onto their hard-earned money? Are there laws that unfairly benefit or harm people in society? Economic freedom is a huge pillar as well but is one of the more complex to understand. What does it mean to be free? Part of it includes personal freedoms: the right to hold and express beliefs through things like speech, religion, and all other media. Freedom is one of the most evoked ideas in political discussions in Kansas and across America. ![]()
0 Comments
Read More
Leave a Reply. |