Bluegrass Institute responds to today’s General Assembly vote reducing Kentucky’s individual income tax rate
The Bluegrass Institute for Public Policy Solutions issued the following statement in response to today’s passage by the Kentucky House of Representatives of legislation reducing the state’s individual income tax rate from 4.5% to 4% in 2024 by the Kentucky General Assembly.
Today’s decision by the Kentucky House giving final approval to a reduction in the state’s individual income tax rate reflects a responsible approach toward removing barriers to Kentucky’s economic vitality and competitiveness.
It follows the conditions established by House Bill 8 passed during last year’s General Assembly triggering reductions in the income tax rate if revenues for the previous fiscal year exceed expenses, cover the cost of the tax cut and maintain a Budget Reserve Trust Fund balance equal to or greater than 10% of General Fund revenues.
Reducing the income tax rate while ensuring budget stability and sufficient reserves will allow hardworking Kentuckians to keep more of the fruit of their labor, attract residents of other high-tax states looking to vote with their feet and encourage businesses needing an adequate workforce to consider expanding in or relocating to the commonwealth.
Neighboring and benchmark states with whom Kentucky competes for economic growth continue to make themselves more attractive to job seekers and entrepreneurs by lowering rates on income taxes, which discourage productivity, savings and investment. Kentucky must continue to do no less.
For more information or comment, please contact Bluegrass Institute president and CEO Jim Waters at (270) 320-4376 or jwaters@freedomkentucky.com.
Just look at those damn Republicans reducing income tax, wont effect KAG, you have to pay income tax, but she’s a bum.
Charley they will just raise other taxes on other things.
The .5% tax cut this year they added over 35 more new taxes to make up for the .5%.
https://www.blueandco.com/kentucky-sales-tax-expansion-hb8/
It’s the old bait and switch trick
Blueandco.com, seriously KAG? How stupid are you? Use liberal websites to prove liberal lies. I’ve got to hand it to you, you’re stupid and a bum.
Charley when faced with the Facts blame the media. 35 NEW Taxes took effect January 1 2023 to make up for the .5% state income tax cut. Charley they have to make up the lost revenue somewhere else and they know the Hooplehaeds won’t figure out what happened until it hits them.
Charley
https://taxanswers.ky.gov/Sales-and-Excise-Taxes/Pages/default.aspx