individual income tax en Kentucky Revenue Shortfall Nears $91 Million <p>Kentucky’s general fund is short $91 million, and one of the driving factors is a decline in a form of income primarily used by the nation’s wealthiest individuals.</p><p><span style="line-height: 1.5;">In 2012, U.S. Congress was preparing to take the country over the “fiscal cliff” over rising debt, rising healthcare costs and spending on the wars in Iraq and Afghanistan. To reduce the deficit, President Obama proposed raising the federal capital gains tax, which&nbsp;largely impacted the nation's wealthiest, prompting a massive sell-off by 2013.</span></p><p> Fri, 11 Jul 2014 11:02:31 +0000 Jonathan Meador 41997 at Kentucky Revenue Shortfall Nears $91 Million Kentucky's General Fund Revenue Increases in May <p></p><p>The state's top budget official is reporting an 8.3 percent increase in General Fund revenue in May, largely thanks to improved collections from the sales tax, individual income taxes and property taxes.</p><p>Budget Director Jane Driskell released a monthly revenue report on Monday. The report showed property tax collections increased by 75.2 percent in May. Individual income tax receipts rose by 8.3 percent. And sales tax receipts were up 5.2 percent.</p><p> Mon, 10 Jun 2013 20:27:54 +0000 John Null & The Associated Press 31943 at Kentucky's General Fund Revenue Increases in May