News

Kentucky’s Turn to the Tax Cut – WSJ

The federal budget season continues to pay off for taxpayers, and the sharp reversal in Kentucky shows the strength of the trend. The same legislature that campaigned to keep income taxes unchanged four years ago beat the governor to cut interest rates this week.

The Kentucky House and Senate on Wednesday voted to override Democratic Gov. Andy Beshear’s veto and implement tax reform passed last month. The plan cuts the state’s flat income tax rate to 4.5% from 5% in 2023, creating a catalyst for more cuts across the board. Automatic rate cuts of 0.5 points come into effect every year when government reserves are high and revenue exceeds expenditure.

https://www.wsj.com/articles/kentuckys-tax-turnaround-andy-beshear-legislature-income-tax-11649966267 Kentucky’s Turn to the Tax Cut – WSJ

Ethan Gach

TheHiu.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@thehiu.com. The content will be deleted within 24 hours.

Related Articles

Back to top button