tax reform

Mary Meehan | Ohio Valley ReSource

  A tax reform bill that passed Monday by Kentucky lawmakers is now awaiting a decision from Governor Matt Bevin. Some economists are saying the tax plan is more of a tax shift from wealthy individuals to middle and low income Kentuckians.

Alexey Stiop, 123rf Stock Photo

Note: Times in Eastern

Updated: 4:38 p.m.: The bill narrowly passed out of the state Senate, with a vote of 20-18. All Senate Democrats voted against the measure and were joined by 11 Republicans, some of whom expressed concerns about raising taxes.

Brian Jackson/123rf Stock Photo

McDonald's, citing the new U.S. tax law and the tightening job market, is expanding its 3-year-old education benefits program, tripling the amount of money some workers can get each year to help pay for college or trade school tuition.

Matt Markgraf

Kentucky Governor Matt Bevin said he is ‘truly sorry’ for any hurt caused by the discourse over the pension issue. 

Sergey Kuzmin, 123rf Stock Photo

It’s the middle of tax season and individuals as well as businesses are working to figure out what changes to the federal tax code mean for them.

The hubbub over the Republican tax plan has died down some since it passed, but the bill isn't forgotten — not by a long shot.

The week after Christmas is usually a short and slow one for town officials in New Paltz, N.Y. — but not this time.

"When we opened town hall Wednesday we had almost 100 voicemails from people inquiring about how they could prepay their taxes," says Daniel Torres, the town's deputy supervisor.

And the phones kept ringing. People started lining up. Torres says the clerk's office has a only few people working in it.

"The clerk's office was so overrun. After a certain while we couldn't even pick up the phones anymore," he says.

A little-remarked-upon provision changing the way inflation is calculated is among the big changes contained in the tax overhaul signed by President Trump last week.

The new method, using the so-called "chained" consumer price index to determine when to adjust tax brackets and eligibility for deductions, is expected to push more Americans into higher tax brackets more quickly. In the past, the tax code used the traditional CPI measure issued by the Labor Department each month.

Berea College, via WFPL

A provision that would have protected Berea College from a tax on university endowments has been removed from the tax bill passed by Congress.

Alexey Stiop, 123rf Stock Photo

Republican leaders of the General Assembly are throwing water on the idea that they’ll make major changes to the state’s tax code during the upcoming legislative session.

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