Kentucky
Opinion | Kentucky’s Tax-Cut Turnaround
The state finances season continues to repay for taxpayers, and Kentucky’s sharp turnaround reveals the power of the development. The identical Legislature that fought to protect revenue taxes 4 years in the past overrode the Governor to chop charges this week.
Kentucky’s Home and Senate voted Wednesday to override the veto of Democratic Gov. Andy Beshear and enact the tax reform they handed final month. The plan reduces the state’s flat income-tax charge to 4.5% from 5% in 2023 and creates a set off for extra cuts down the road. Computerized 0.5-point charge cuts will kick in every year that state reserves maintain up and income exceeds spending.