individual income tax

Government
6:02 am
Fri July 11, 2014

Kentucky Revenue Shortfall Nears $91 Million

Credit Wikimedia Commons

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.

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 largely impacted the nation's wealthiest, prompting a massive sell-off by 2013.

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Government
3:27 pm
Mon June 10, 2013

Kentucky's General Fund Revenue Increases in May

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.

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.

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