Federal tax policy
“We see a Kentucky that pays its bills and balances its budgets by accepting all the federal funds that we receive, and by raising our own state revenue in a fair and responsible way. I have seen is the impact that necessary functions of government have had on my life. We have an opportunity to build on these strengths that we’ve worked so hard for. This is the reality that we want to build on. It’s not only the right thing to do – it’s the smart thing to do. We all share a common future.”
Greg Capillo
Lexington
The impact of the federal budget in Kentucky
For every dollar Kentuckians pay in federal taxes, we get back between $1.51 and $1.82 in federal investments, depending on which study is consulted.
An excerpt from a Lexington Herald-Leader article by John Cheeves (May 16, 2010) details the federal funds that help run Kentucky and our economy. Below is a partial list, using data from the U.S. Office of Management and Budget and other government agencies:
- Funding for flood insurance – $2.1 billion a year
- Mortgage insurance – $877 million
- Crop insurance – $667 million
- Food stamps – $674 million
- Veterans disability benefits – $478 million
- Pell Grants for 137,000 of Kentucky’s college students – $182 million
- Head Start for 16,000 children – $100 million
- Eighty percent of Kentucky's Medicaid costs are paid with federal funds.
Resources
Here are some national organizations that provides lots of information and resources on federal tax policy:
Institute for Taxation and Economic Policy (including a Kentucky page)
Center on Budget and Policy Priorities
Also, our friends at the Kentucky Center for Economic Policy track some reports that examine the federal budget implications for Kentuckians.
Some of our best opportunities for achieving a better quality of life for all Kentuckians – and some of our biggest threats against it – are the federal economic policies being decided in Congress.
Kentucky’s two senators and six representatives play a prominent role in these decisions. Sen. Mitch McConnell, as the minority floor leader in the Senate, and Rep. Hal Rogers, as the chair of the House Appropriations Committee, are in very public positions of power. Sen. Rand Paul, though in his first-term, is a dominant voice in the Tea Party wing of the Republican Party. Other House members have influential committee positions.
Through tax and budget policies, they are making major decisions affecting environmental protection, access to affordable education, health and wellness services, child nutrition and many other programs and priorities that affect every Kentuckian's opportunity to succeed. And since Kentucky's tax system largely mirrors the federal tax code, these decisions may also affect Kentucky's ability to raise the revenue we need on the state level.
KFTC members are making our voices heard in Washington, D.C. on federal economic policies that impact our commonwealth.
Fiscal Cliff Talks Will Likely Target Medicare, Social Security, Programs For The Poor
Both Democrats and Republicans are disproportionately putting social programs on the chopping block as they try to figure out solutions to the "fiscal cliff" situation they put themselves in.
How a Pell Grant helped me succeed
America invested in Dana Beasley Brown through a Pell Grant, and that helped her become a contributing member of society. In this letter, she urges Kentuckians to think about issues of economic justice as we go to the polls.
Join KFTC at the Vice Presidential Debate in Danville: Thursday, October 11
The new Wildnerness Trace chapter of KFTC invites you to join them at the Vice Presidential Debate Festival in Danville on Thursday, October 11, 2012.
KFTC members will be speaking on the issues we work on that are important to the national debate--either because they're being addressed or have been ignored and need to be heard.
If you come to join us for the day, please wear your KFTC t-shirt if you have one, or any bright green shirt. We want to stand out in the crowd!
4:30 pm -- KFTC Speakers at the Speakers' Park
Introduction to KFTC and local organizing -- Wilderness Trace Chapter members
Economic Justice: Tax and Budget Issues -- Dana Beasley Brown
Voting Rights -- Tayna Fogle
Coal & Energy -- Carl Shoupe
Tax cuts don't lead to economic growth, 65-year study says
An analysis of six decades of data found that top tax rates "have had little association with saving, investment, or productivity growth." However, the study found that reductions of capital gains taxes and top marginal rate taxes have led to greater income inequality.
Hal Rogers wins dubious distinction – again
Kentucky's 5th District representative Hal Rogers once again earned one of the "Most Corrupt Members of Congress" titles from a national watchdog group, Citizens for Responsibility and Ethics.
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