More Tax Reforms Could Come In 2020 Session
Public pensions received much of the focus during the two most recent legislative sessions. But tax reform remains another hot-button issue.
The tax changes enacted in this year’s general assembly session carry a price tag of more than $100 million. But, Gov. Matt Bevin has also talked about more comprehensive tax reforms to generate revenue.
Berea Senator Jared Carpenter says he could favor doing away with the state’s personal income tax and lean toward a higher sales tax. “It’s across the board. People who make more money, spend more money. People who make less money spend less money.
And so, if you increase that sales tax, it’s going to generate a tremendous amount more dollars,” said Carpenter.
Lexington Senator Reggie Thomas says the most important priority in 2020 will be raising revenue. He gives a 50-50 chance to passage of a tax increase or gambling expansion to accomplish that. “I just don’t think we can continue to cut in this state and be able to really do any good for our citizens. We’ve got to raise revenue,” argued Thomas.
The 138 members of the General Assembly return to Frankfort next January for a 60-day budget session.
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