Another Blatant Recognition Of The Failure Of Kentucky's Tax Code
Our legislators are constantly enacting policies that inherently recognize the fact that Kentucky's tax code makes our commonwealth an unattractive place to live or to run a business.
Back in March we lamented the Christmas tree of tax incentives that was attempted in the regular session:
This incredibly long list is a blatant admission that Kentucky's tax system is burdensome to job creation. If your legislators think such a long list of exemptions is necessary to attract businesses to Kentucky, they should also realize the corollary idea that Kentucky's tax system is currently unattractive to new business: if our tax system worked, they wouldn't be working so hard to change it for their favorites in the name of economic development.
In June, we were surprised the Speaker Stumbo recognized that cutting taxes can create jobs:
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.
Yesterday, Governor Beshear recognized that providing tax relief can encourage people to move to Kentucky, when he visited Ft. Campbell to ceremonially sign the income tax exemption for active duty military:
"The courage of soldiers is a huge debt we can never fully repay," Beshear said. "If this persuades a soldier to make Kentucky home rather than a neighboring state, then good, but we are really doing this to say thank you."
Now let's see them get behind real tax reform that will relieve the tax burden on Kentucky families and businesses.