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Mayor Fisher is pushing to change state law to allow for the creation of Local Option Sales Tax also known as LOST. This new additional tax requires support from the General Assembly, as well as Kentucky voters. Louisville Metro would take in nearly $100 million annually for designated projects.
This represents a 20% increase in revenues, but more importantly, this additional 1% creates a HEAVIER tax burden on you. Supporters say we will be competitive with other cities, but they fail to mention our overall tax burden.
Independent studies rank Louisville as one of the 10 MOST TAXED CITIES in the country, regardless of income. We pay more in taxes than families in Chicago, New York, Los Angeles, DC and even San Francisco. Increasing our tax burden doesn't make us more competitive.
As an alternative, we can create more jobs by eliminating the occupational tax. Any proposal should be focused on creating -- not discouraging -- jobs. Tax reform is desperately needed and using LOST to eliminate occupational taxes is one way to real reform.
I'm Councilman Ken Fleming and that's my Point of View.