June 22, 2018

New Services to be Taxed

At the end of the 2018 legislative session, the Kentucky General Assembly passed a surprise tax bill that expanded the sales tax base and income tax base, in part to pay for income tax cuts for the wealthy. What’s changing? Kentucky’s formerly progressive tax rate structure (where higher levels of income were taxed at a higher rate) was replaced with a flat 5% rate. This cut (biggest for the wealthiest Kentuckians) decreased revenue by $500 million per year. In order […]