Friday, January 15, 2010
Kentucky Legislator Talks Tax Reform
KENTUCKY....
House Speaker Greg Stumbo says he'd like to see a roll back of Kentucky's sales tax to 5% along with the elimination of the state's corporate income tax. He says those are two options House lawmakers are considering in a tax reform proposal that could be considered in the current legislative session. Stumbo says the loss of revenue from those two taxes could be made up by eliminating a broad array of tax exemptions and ensuring that all residents and businesses are paying their fair share. Due to the state's lingering financial problems, longstanding proposals for reforming Kentucky's tax system are getting a closer look this year. The economic recession has hit the state's general fund hard, creating a projected $1.5 billion shortfall over the next 2-year budget cycle, on top of $1 billion that was forced to be cut from the current budget.
House Speaker Greg Stumbo says he'd like to see a roll back of Kentucky's sales tax to 5% along with the elimination of the state's corporate income tax. He says those are two options House lawmakers are considering in a tax reform proposal that could be considered in the current legislative session. Stumbo says the loss of revenue from those two taxes could be made up by eliminating a broad array of tax exemptions and ensuring that all residents and businesses are paying their fair share. Due to the state's lingering financial problems, longstanding proposals for reforming Kentucky's tax system are getting a closer look this year. The economic recession has hit the state's general fund hard, creating a projected $1.5 billion shortfall over the next 2-year budget cycle, on top of $1 billion that was forced to be cut from the current budget.
# posted by Homer Owens @ 10:51 AM 
