State Budget
Blue Ribbon Commission on Tax Reform meeting
The commission will continue its consideration of tax reform proposals, focusing on sales and excise taxes, severance tax, local taxes and individual income tax rates.
Progressive or regressive?
The goal for the Blue Ribbon Commission is to suggest reforms that will create a tax system that meets these principles:
- Fairness
- Competitiveness
- Simplicity and Compliance
- Elasticity
- Adequacy
The Blue Ribbon Commission on Tax Reform took steps toward formulating a set of recommendations to overhaul Kentucky’s tax system at a day-long meeting on Thursday, with both some hopeful actions and some discouraging discussions.
Commissioners spent several hours talking about changes in individual income taxes, and put together a package of suggested reforms. There was broad support for a state refundable Earned Income Tax Credit, and they ended up settling on a level at 15% of the federal EITC – exactly what KFTC has supported in the Kentucky Forward Plan!
Blue Ribbon Commission meets to hone in on recommendations
The Blue Ribbon Tax Reform Commission met in Frankfort yesterday to hone in on the tax reform recommendations that they'll be submitting to the Governor on Nov. 15. A cluster of KFTC members were there to try to take any opportunity to give voice to the concerns of everyday Kentuckians. Here are some of our take-aways and highlights:
Blue Ribbon Commission hears bleak outlook on state revenue
Kentucky's Budget Director Mary Lassiter gave the Blue Ribbon Tax Commission an overview of the state's financial picture yesterday. The outlook she described was bleak. State spending on Medicaid and interest on our debts has risen sharply in recent years, while funding for schools has flatlined and most state agencies have experienced funding cuts of 30 to 38 percent.
Blue Ribbon Frankfort Meeting
Not a public input meeting, but if you can make it out for a chunk of this, come on out so we maintain our presence as the Blue Ribbon Commission moves forward with recommendations.
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