Davis Motor Sales banner ad
Posted on 2/2/14

rooster booster 300OWENSBORO, Ky. (4/12/13) – Kentucky’s existing tax code creates a lack of “fairness” for taxpayers, and proposed reforms are before the Kentucky legislature for its consideration to adjust those imbalances.
 
That was the message from John Williams during the Greater Owensboro Chamber of Commerce’s Rooster Booster monthly meeting, held at Owensboro Christian Church on Thursday morning, April 11.
 
Kentuckians in the lowest income bracket pay 10.8 percent in taxes on average, while people in the highest income bracket pay 5.1 percent in taxes on average. Williams said that is something the committee he worked with hopes its recommendations will change to make the system more equitable.
 
Williams said “the biggest single comprehensive” challenge for Kentucky’s tax system is the need to adjust “allocations of tax income on businesses.” He said businesses that operate in multiple states are assigned an inventory tax that is “anti-competitive.”
 
Other tax changes proposed include a proposed one percent sales tax on consumable services with 100 percent of the proceeds from that tax going to the state’s SEEK formula, which pays school districts based on enrollment and attendance populations; a 40-cent tax increase on cigarettes, bringing the tax amount to $1 per pack; eliminating itemized deductions on income tax; and prorating taxes on retirement income on an individual basis. Williams said people who collect more than $30,000 at retirement would be expected to pay taxes, but anyone with less than that amount would be exempt.
 
“Those of us who can afford it can pay our fair share,” he said.
 
So far, only 11 of the 54 recommendations have been approved by the general assembly, including the allowance of tax credit on automobiles when trading in a vehicle. The rest are expected to be considered as part of the general assembly’s agenda when it convenes in special session later this year. All told, Williams said, the entire tax package would generate approximately $600 million in new revenue for Kentucky.
 
Also during the Rooster Booster breakfast, Greater Owensboro EDC President Nicholas Brake told the audience he thinks it’s time to start looking at “what’s next” for the city of Owensboro and Daviess County.
 
“What’s next in the context of the next generation?” he asked. “What do we want the community to look like or be like 25 to 50 years down the road? How do we remain competitive?”
 
Brake said the first area the community needs to consider is energy, especially in the wake of the smelting crisis. Both of the region’s aluminum smelters are in fragile talks with Big Rivers over energy prices, and have threatened to close their plants if they can’t work out a deal.
 
Brake said the other areas to consider include the need for I-67 and continued improvements in education in order to, as he put it, “educate our way to a better economy.”

Dennis Beard 
SurfKY News
Photo provided by SurfKY Graphics

© Copyright 2015 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story by using one of the social media links below.

2/6/2014 - posted
3/13 - 16
1 DOW 17,164.95
-251.90 (-1.45%)    
2 S&P 1,994.99
-26.26 (-1.30%)    
3 NASDAQ 4,635.24
-48.17 (-1.03%)    
2/6/2014 - posted
3/13 - 16

Most Read This Week

January 28, 2015 17569

UPDATED: Several Involved in Two-Vehicle Accident

in Local (Hopkins) Top News by Doreen Dennis, SurfKY News
January 26, 2015 8092

KSP Arrests Two on Child Porn Charges; MPD…

in Top News For All Sites Touching Hopkins by Trooper Stu Recke
January 25, 2015 7768

Dean’s List Announced

in Top News For All Sites Touching Hopkins by Joyce Riggs
January 28, 2015 6837

Nortonville Man Accused of Meth Possession,…

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Detention Center
January 26, 2015 5734

School Board Votes 3-2 for Utility Tax

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
January 29, 2015 5720

Man Charged with Sexual Abuse of Child

in Local (Hopkins) Top News by Doreen Dennis, SurfKY News
January 25, 2015 5411

Juvenile Hit by Vehicle at McDonald's

in Local (Muhlenberg) Top News by GPD Officer Wes Miller
January 28, 2015 5303

Tax Recall Committee Formed Day After School…

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News

Most Read This Month

January 08, 2015 22739

Woman Claiming to be 'Lady Gaga' Tours Town in…

in Top News For All Sites by Madisonville Police Department
January 15, 2015 22375

UPDATE: Fatality Victim's Name Officially Released

in Top News For All Sites by Doreen Dennis, SurfKY News

Stories Trending Today

January 29, 2015 5720

Man Charged with Sexual Abuse of Child

in Local (Hopkins) Top News by Doreen Dennis, SurfKY News
January 30, 2015 3940

Woman Arrested for Allegedly Attacking Police…

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Detention Center
January 29, 2015 3731

UPDATE - Students Have until Jan. 31 to Enter…

in General News For All Sites by James R. Comer
January 30, 2015 2951

Portion of Kentucky 862 Closed as Emergency…

in Top News For All Sites Touching Hopkins by Rita Dukes Smith, SurfKY News Director
January 29, 2015 2675

Kentucky Highway Crews Prepare for Possible…

in Top News For All Sites by Keith Todd
January 29, 2015 2442

Hopkins County Health Department Food Scores Thru…

in Hopkins News by Barry Franklin
January 30, 2015 2235

More Than 800 Gather to Encircle HCCHS

in Local (Hopkins) Top News by Tammy Holloway, SurfKY News
January 29, 2015 2224

Madisonville Police Arrest Reports - Jan. 29, 2015

in Hopkins News by Madisonville Police Department
January 29, 2015 2185

Hopkins County Sheriff's Reports Released

in Hopkins News by Hopkins County Sheriff's Office
January 29, 2015 2132

Group Organizing Prayer Circle for Youth

in Local (Hopkins) Top News by Doreen Dennis, SurfKY News
January 29, 2015 2090

Keystone Approval Will Boost the Economy, Support…

in General News For All Sites by Robert Steurer
January 29, 2015 2073

Protect Your Sensitive Information from Hackers

in General News For All Sites by SurfKY News