Now that the Governor has signed the Republican House & Senate bill into law to raise income taxes on pension income, we can offset that for teachers & state workers, through a permanent ‘sales tax holiday’ on goods, not just school supplies.
And do not let any legislator who voted for this bill, ‘lie’ to you. This is a tax increase on income by lowering the pension exemption from state income tax from ~$41,000 to ~31,000. That is an income tax raise.
We can offset the raise in income taxes on pensions by permanently setting up a sales tax exemption on all goods purchase in KY by teachers, state workers and fire fighters, if we again look to increase revenues through consumption-based revenues to pay for it. (Ie. expanded gaming, medical marijuana, increasing hemp production, tax reform and yes, we need to at least discuss recreational marijuana, as it could be a $75 BILLIONS business by 2030. And this state with its perfect climate could be a world leader in production. I would like to develop a post on just this “science fact” soon; but I digress.)
We can offset the increased INCOME TAX that this GOP, (yes the REPUBLICANS just voted for and passed an INCOME TAX RAISE, (Mr. Grover Norquist, why are you silent on this?)), but we can mitigate that by providing a permanent sales tax holiday for those impacted.
We need leaders in Frankfort. Leaders with business acumen and know how to put in place revenue generation WITHOUT raising income or property taxes. We just need bold leaders who will act.