Sunday, March 9 2014 8:35 PM EDT2014-03-10 00:35:58 GMT
LOUISVILLE, Ky. (WDRB) --- Louisville head football coach Bobby Petrino held a news conference before the Louisville-UConn men's basketball game Saturday to preview the start of spring football. The CardinalsMore >>
Petrino talked quarterback competition and the arrest of an incoming freshman, among other topics...More >>
Follow the WDRB Newsroom, Reporters and Anchors.More >>
Tweets from the WDRB Newsroom, Reporters and Anchors.More >>
LOUISVILLE, Ky. (WDRB) -- A special task force that will help determine how much we pay in state taxes met for the final time Thursday.
If the commission has its way, some taxes in Kentucky will go up, others will go down, but it will mean three-quarters of $1 billion more for the state to spend.
The big issue today was the income tax.
The commission, which is chaired by Lt. Gov. Jerry Abramson, is recommending that state income tax rates be lowered slightly for those making above $4,000.
The top rate would go from 6 percent to 5.8 percent, but itemized deductions would be capped at around $12,000.
Here's the most controversial recommendation: retirement income, including pensions, would be taxed above $30,000.
"I think the overall goal we're trying to achieve here is to make the system more simple, to make it more fair, especially to poor people and to working people, and to make sure that we have enough revenue to support what the people want, and that is really good schools, environmental protection, and good social services, Medicaid services, mental health services and so forth," said Rep. Jim Wayne, a Democrat from Louisville. "So it's a balancing act here."
The commission previously voted to cut corporate taxes, broaden the sales tax, including a 40-cent increase in the cigarette tax, and freeze the state property tax.
These recommendations will go to Gov. Beshear, and ultimately, the General Assembly, where some will likely have a difficult time passing.