Sunday, January 10, 2010
Tax Reform Discussed
KENTUCKY....
Although Governor Steve Beshear has repeatedly said he's lukewarm to the idea, House Speaker Greg Stumbo is putting together an effort in his chamber to discuss tax reform. Republican Senate President David Williams says he favors dropping the individual and corporate income taxes and replacing them with consumption-based sales taxes, although he has not filed a bill. One issue under question relates to tax breaks for the coal industry. Before the General Assembly decides how much further it may have to cut education, social services and public safety to balance the budget, more than $111 million is already off the table. That $111 million is the estimated annual total for tax breaks devoted to the coal industry. The pressure continues to build on the coal industry as the green revolution gains momentum almost daily. A detailed analysis of tax breaks to the coal industry doesn't help coal's arguments, as those tax breaks paint a disparaging picture of how the coal industry is contributing to the current budget crisis in the Commonwealth.
Although Governor Steve Beshear has repeatedly said he's lukewarm to the idea, House Speaker Greg Stumbo is putting together an effort in his chamber to discuss tax reform. Republican Senate President David Williams says he favors dropping the individual and corporate income taxes and replacing them with consumption-based sales taxes, although he has not filed a bill. One issue under question relates to tax breaks for the coal industry. Before the General Assembly decides how much further it may have to cut education, social services and public safety to balance the budget, more than $111 million is already off the table. That $111 million is the estimated annual total for tax breaks devoted to the coal industry. The pressure continues to build on the coal industry as the green revolution gains momentum almost daily. A detailed analysis of tax breaks to the coal industry doesn't help coal's arguments, as those tax breaks paint a disparaging picture of how the coal industry is contributing to the current budget crisis in the Commonwealth.
# posted by Homer Owens @ 11:16 AM 
