Significant public pension debt has led to consternation among state officials during the almost-completed General Assembly session.
Governor Bevin has pointed to the pension problem as the reason for his decision to recommend funding cuts. Comprehensive tax reform at the state level has been cited as a way to create more revenue stability.
Paducah Senator Danny Carroll believes such changes in tax policy can help coming out of difficult economic times, “If we can get through the period of crisis and then if we can look towards tax reform and making those changes, then I think we have a great foundation for building a positive future and this downward spiral that we’ve been in, I think we can pull out of that.”
Carroll says hopefully the next session will be one during which tax reform is seriously considered. He admits it may still come a bit at a time. “Maybe the inventory tax and things like that that will help in the bringing in business and industry and help those businesses be more successful and to grow,” Carroll explained. “I think all that will build on itself.”
The second year senator says hopefully Governor Bevin would be a driving force behind any effort to modify the state’s tax code.