In the news: Kraft talks tax cut with NBC 26

Prof. Emeritus Michael Kraft offered context Wednesday (June 5) for a story on the $650 million income tax cut passed by the state’s Joint Finance Committee after a marathon overnight session. The proposal would condense the number of tax brackets from five to four, providing across-the-board reductions that have been criticized for disproportionately benefiting the wealthy. But Kraft told reporter Alex Hagan there’s a bigger potential concern than that. “There’s a bit of a risk, which is you don’t really know the consequences over time of reducing taxes,” Kraft said, “in other words, the state could quickly find itself short of money again.” Full story.