Lt. Gov Jerry Abramson presented a draft of Governor Steve Beshear's proposed tax code changes to the House budget committee today, which was first announced by Beshear last week. The changes, if fully implemented, could raise an estimated $210 million annually by expanding the 6% sales tax to select services, an increased tax on cigarettes from 60 cents to $1 dollar per pack, and reducing tax breaks on pensions for people earning more than $80,000. On Sounds Good, Kate speaks with policy analyst and member of the Governor's Blue Ribbon Committee on tax reform, Jason Bailey about the events of the day.
Kentucky Gov. Steve Beshear has released his plans for tax reform. The plan would raise an additional 210 million dollars in revenue each year.
Beshear says the plan would make Kentucky’s economy more competitive with neighboring states by taxing services, lowering income taxes, and reducing the top corporate income tax by a tenth of a percent.
Kentucky Gov. Steve Beshear isn’t spilling any secrets about the tax reform proposal he plans to unveil Tuesday.
Beshear won't say whether he wants to raise taxes, or whether his plan will be revenue neutral. And with the session of the General Assembly a third of the way over, lawmakers on both sides of the aisle are skeptical there’s enough time to get tax reform passed. But Beshear doesn’t seem to think so.
Leaders from both the Kentucky House and Senate are scheduled to meet with Gov. Steve Beshear Monday to talk tax reform.
Lawmakers have been waiting on details of a proposal. Beshear promised weeks ago he would come forward with a legislative proposal to reform taxes. But, the particulars of how to change the state’s tax structure will likely be revealed in Monday's meeting.
As temperatures in Kentucky slowly climb out of the polar abyss, so too will state lawmakers emerge from their districts and trek to Frankfort for the opening day of the 2014 regular session of the Kentucky General Assembly.
In just over a month, lawmakers are back in Frankfort for a special session on new boundaries for Kentucky’s legislative districts. But, there are no plans yet to resolve another issue facing the state.
It’s often called real tax reform or comprehensive tax reform. And it’s been on Frankfort’s radar screen for years. Despite numerous proposals, no substantial change in tax policy has come under serious consideration at the statehouse. Gov. Beshear says Kentucky needs a ‘modern tax system’ responsive to a 21st century economy. But, he admits, politicians would rather avoid the topic.
Kentucky lawmakers start their legislative session today where they're expected to consider tax reforms and search for ways to shore up the financially troubled pension system for government retirees. A task force appointed by Gov. Steve Beshear has recommended a series of changes to the state tax code that could generate more than $600 million in additional revenue. A separate legislative task force has recommended pumping more money into the pension system, which has a $33 billion unfunded liability.
Kentucky's Blue Ribbon Tax Commission has wrapped up its work, but Governor Steve Beshear says the biggest challenge to revising the tax code still remains.
Tax reform is on the tip of the tongue every few years in Frankfort. But historically, not much has been accomplished. Beshear will get the commission's latest recommendations for tax reform this week. And it'll be up to him to convince lawmakers that the panel's work is worth turning into law.
After a nearly year-long review, Kentucky's Commission on Tax Reform has approved recommendations that could generate nearly $700 million a year. Some $500 million of that would come from individual income taxes, with another $200 million coming from expanding the state's sales tax to household utilities and several services that have traditionally been exempt.