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

e-max.it: your social media marketing partner

LIKE SurfKY on Facebook - Click here to LIKE us now.

© 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 on social media.

In Other News...

Entrances, Parking Restricted at HCHS through Summer Months

HENDERSON, Ky. (6/1/15) — Beginning June 5, 2015, all Zion Road entrances to Henderson County High School will be… Read More

Thistle Cottage Announces Featured Artist for June

MUHLENBERG COUNTY, Ky. (6/1/15) — Muhlenberg County native Nancy Green-Smith will be the featured artist at Muhlenberg… Read More

Most Read This Week

May 27, 2015 7337

VIDEO: Sparks Fly Over Hanson Rezoning Issue

by Tammy Holloway, SurfKY News
May 30, 2015 6567

Study of Virus Attack on Cancer Sees Success

by Julie Heflin
May 28, 2015 6437

Four Charged with Burglary for Entering Elderly…

by SurfKY News
May 27, 2015 4182

Midnight Ride on Rabbit Ridge Ends in Jail

by SurfKY News
May 26, 2015 3963

Mandarin House Gearing Up to Open Soon

by Gary Gates, SurfKY News

Most Read This Month

May 15, 2015 11258

New Madisonville Business In Full Operation Soon

by Tammy Holloway, SurfKY News
May 23, 2015 8992

Missing 5-Year-Old Boy Found

by Doreen Dennis, SurfKY News

Stories Trending Now

May 31, 2015 1302

Hot Button Item Draws Hanson Crowd to Zoning,…

by Tammy Holloway, SurfKY News
May 30, 2015 1214

Rods for Relay Raises Funds for ACS Relay for Life

by Tammy Holloway, SurfKY News
May 31, 2015 1146

YMCA Summer Food Service Program

by Kelly Forbes
May 31, 2015 976

Hopkins District Court Fines Handed Down

by SurfKY News
May 31, 2015 952

Survivors, Caregivers, Supporters Gather for…

by Tammy Holloway, SurfKY News
June 01, 2015 820

Authorities Discover Meth Lab While Assisting…

by SurfKY News
May 31, 2015 716

Hopkins County Traffic Advisory

by Keith Todd
May 30, 2015 678

Whitfield Announces Congressional Art Contest…

by Ed Whitfield
June 01, 2015 639

Madisonville Police Arrest Reports Released -…

by SurfKY News
May 31, 2015 594

LG&E and KU Unveil New Outage Texting Option…

by LG&E and KU News