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Tuesday, July 10, 2012

Maryland and Kansas: Distinct Taxing and Spending Policy Ideologies

Coming out of the recession that followed the financial crisis of 2008, Maryland “raised income taxes on its top earners . . . to preserve services and spending on its well-regarded schools — leading some business groups to warn that the state might become less competitive. Kansas, controlled by Republicans, decided to try to spur its economy with an income tax cut — which Moody’s Investors Service, the ratings agency, recently warned would lead to “dramatic revenue loss” and deficits that will likely require more spending cuts in the coming years.” Two very different political societies in one Union. This might sound familiar to Europeans looking at their own Union. Yes, Virginia, the E.U. and U.S. are indeed commensurate. 

The full essay is at Essays on Two Federal Empires.