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1 Lyman Stone, Kentucky Tax Plan Fails to Improve Bluegrass State's Tax Competitiveness 1 (2014)

handle is hein.taxfoundation/taxfaau0001 and id is 1 raw text is: TAX RO QKentucky Tax Plan Fails to FOUNDATION Improve Bluegrass State's Tax Mar. 2014 Competitiveness No. 418 Lyman Stone Economist Key Findings * Despite some positive elements, Governor Beshear's tax proposal as a whole includes several problematic components and neglects basic reforms to modernize the state's tax code. The plan includes a significant reduction of Kentucky's income tax rates accompanied with some base broadening but does not include key reforms such as regular inflation adjustments. Kentucky's combined state-local income tax rates would remain among the higher tax rates on middle-income households in the nation. Proposed changes to the corporate tax continue the erosion of the state's corporate income tax base through narrow tax incentives, while offering only a very limited rate cut. Sales tax changes include an attempt at broadening the base to include services, but unfortunately includes many business-to- business services, which can lead to tax pyramiding and harm the state's business tax climate. The proposed reduction in alcohol excise taxes is dwarfed by proposed increases in tobacco taxes, leading to an increased reliance on a narrow excise tax base. Positive proposals to phase out inventory and some tangible personal property taxes would make Kentucky's property tax code somewhat more competitive. ........................................................... ...........

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