YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
As Missouri legislators eagerly watch Kansas' tax structure evolve, the Sunflower State is playing the blame game while its credit rating takes a tumble.
Moody's Investor Services is reducing the bond rating for Kansas over concerns about the state's sluggish economic recovery and issues with long-term financial obligations.
The Kansas City Star reports Kansas was downgraded from Aa1 to Aa2, the same day the state announced April revenue collections were $92 million less than previous forecasts.
The state has taken in $480 million less so far this year, than compared to the same time last year.
Kansas Gov. Sam Brownback has blamed President Barack Obama and the national economic climate, while Kansas Democrats say the problem is deep income tax cuts made by state Republicans, according to the Star.
Moody's says the rating could be upgraded if the state rebuilds its reserve balances.
Read more from the Kansas City Star.
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