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Showing 2 articles from April 5, 2018.

FrontPage News

Taxation!  Where the pennies come from
Taxation! Where the pennies come from

The 2018 General Assembly is almost over. Two days left, April 13 and 14 are reserved to override any possible veto of budget by the Governor.

The losers far outnumber the winners in the race for more state revenue. Winners include horses and fine sippin' liquor. Losers include dogs, cats and mechanics.

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New Analysis Shows Kentucky's Tax Plan is a Millionaire Tax Cut
New Analysis Shows Kentucky's Tax Plan is a Millionaire Tax Cut

A new analysis from the Institute for Taxation and Economic Policy (ITEP) shows that the General Assembly's new tax plan, HB 366, is a huge tax cut for the wealthiest Kentuckians and a shift in reliance onto everyone else. As the graph shows, as a share of their income the richest 1 percent of Kentuckians -- who make on average $1,042,000 a year -- will will receive an average tax cut of $7,086 while the poorest 95 percent of Kentuckians will receive a tax increase.

The biggest tax increase as a share of income will go to Kentuckians making less than $21,000 a year...

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