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Thu December 6, 2012
Blue Ribbon Tax Commission Finalizing Recommendations
Originally published on Thu December 6, 2012 12:27 pm
Kentucky’s Blue Ribbon Tax Commission will solidify its final list of recommendations Thursday afternoon, which could include imposing higher income taxes for those making more money.
Gov. Steve Beshear created the group to review the state’s tax code, which officials have determined needs significant changes to respond to slowing revenue.
According to a University of Kentucky report commissioned by the state, "tax revenue failed to keep pace with the economy or declined more than the economy," the past decade.
Thursday morning the panel reviewed recommendations still on the table including corporate, property and sales taxes.
WFPL caught up with commissioner Stu Silberman on the group's lunch break. He said they were provided information regarding the fiscal impact of these tax proposals.
“They gave us a number of about $300 million but again that’s estimated. I would say it’s more like two to three hundred million generated therem" he said.
But, Silberman said the commissioner still needs a large piece of the puzzle, which includes changes to personal income tax.
The commission must present its final recommendations to the governor’s office by December 15.