Speaker Stumbo Recognizes Tax Cuts Encourage Growth
Really.
In an article today about the various tax cuts included in the final version of HB 3 from the special session (tax exclusion for active duty military, a $5,000 tax break for purchase of a newly constructed home, an exclusion of the value of your trade-in if you buy a new car), House Speaker Greg Stumbo explains that reducing taxes will generate commerce:
Most lawmakers dismissed predictions of future budget woes, saying the new programs would stimulate the economy and produce more tax revenue over the long haul. "If you weigh the impact of the whole package, it's very small in terms of the overall budget and it could be very large in getting us out of this recession," said House Speaker Greg Stumbo, D-Prestonsburg.
Let's hope the Speaker remembers this as we continue discussions to eliminate income taxes in Kentucky.
