Taxes

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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.

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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.

Economic consultants looking for ways to improve Kentucky's tax system have offered a variety of options that include imposing a tax on food and a variety of services ranging from haircuts to automotive repairs to funerals.

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Governor Steve Beshear says he's interested in a so-called hybrid approach to pension reform.

Lawmakers are discussing how to fix the flailing public pension plans for state and county employees. They'll make recommendations at the end of the year.

Appearing on CNN Tuesday, U.S. Sen. Rand Paul, R-Ky., supported the idea of wealthier Americans paying higher taxes if the code is simplified and all loopholes are closed.

From Mediate:

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