Taxes

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One week from today is the tax filing deadline. More than one million of the expected 1.8 million Kentucky returns have been filed and processed. 

Pamela Trautner in the Kentucky Finance Cabinet said the vast majority of taxpayers are filing their returns electronically.

“Electronic filing has grown in popularity since Kentucky implemented that in 2003,” she said. “I think that year there were 50 percent who filed online. Last year there were 77 percent.”

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April 18 is National Tax Freedom Day, the point at which Americans will have earned enough money to pay this year's tax obligations at the local, state and federal levels. Elizabeth Malm is an economist with the Washington-based Tax Foundation. She said Americans this year will work five days later than in 2012 to pay all their taxes.

From NPR: Kansas Gov. Sam Brownback is doing his best to eliminate income taxes in his state. But to get rid of the old he’s going to have to do something radically un-Republican: raise other taxes.

"Money" by Tax Credits, Flickr Commons, (CC BY 2.0)

A new report by the Institute on Taxation and Economic Policy shows a big gap between Kentucky’s income levels on who pays taxes. The report says Kentucky’s top 1 percent income bracket pays roughly 5 percent of the state’s income, while the bottom 20 percent pays 9 percent.

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Although the tax agreement preventing the fiscal cliff has passed in both the House and Senate, Kentucky congressmen remain divided on the issue. In the Senate, minority leader Mitch McConnell who was heavily involved in the negotiations voted yes while small-government proponent Rand Paul voted no. Kentucky’s representatives in the House were also equally divided. Both Democrats Ben Chandler and John Yarmuth along with Republican Harold Rogers supported the tax increase on the wealthiest of Americans. Republicans Ed Whitfield, Brett Guthrie and Thomas Massie all voted against the measure.

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From NPR: As members of the House and Senate head to Capitol Hill for the final weeks of this Congress, perhaps they will bring the "Spirit of 2010" with them. Despite partisan bickering, the lame-duck session two years ago got big things done. Then again, those lawmakers weren't being asked to avert a fiscal cliff.

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From NPR: Economists share their tax dreams, all of which would destroy any politician’s chance of being elected: no mortgage-interest deduction, no employee health benefits deduction and no corporate tax.

Kentucky Reports Increased Tax Revenue

Oct 10, 2012
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Kentucky’s General Fund receipts increased by more than 5 percent in September, thanks in part to a big increase in corporate income tax revenue. Those receipts increased by more than 26 percent. Lottery and individual income tax receipts also rose by more than 8 percent. State Budget Director Mary Lassiter says those increases helped offset losses in property, cigarette, and coal severance tax revenues. She says the coal revenue fell about 19 percent due to a downturn in the state’s mining industry.

www.en.wikipedia.com

Tennessee tax collections show marginal growth in the budget year’s second month. Finance Commissioner Mark Emkes says September revenues continue to reflect the sluggish national economy. Overall revenues totaled just over $1 billion, more than 5 percent above the budgeted estimate. September collections reflect economic activity in the previous month. Sales tax collections came to $2.2 billion less than estimates for the same month, and combined franchise and excise taxes were almost $55 million above projections. Gasoline and motor fuel collections were $3 million below estimates.

Kentucky to launch tax amnesty program

Sep 20, 2012
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Kentucky is launching its first tax amnesty program in a decade allowing both people and businesses the chance to pay back taxes with no fees or penalties.

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