Tax Commission looks at how to drum up revenue

FRANKFORT, Ky. (AP) - A panel appointed by Gov. Steve Beshear to recommend tax reforms is considering a proposal that would result in more retirees having their pensions taxed but its nixed the idea of a grocery tax.

Lt. Gov. Jerry Abramson, chairman of the Blue Ribbon Commission of Tax Reform, said Thursday members may recommend tweaking a policy that exempts annual pensions of $41,100 or less from taxes. Abramson said commission members are looking at decreasing that exemption to pensions of $15,000 or less.

Beshear appointed the panel earlier this year to recommend a simpler tax code that would generate enough revenue to meet state needs even during recessions.

The group has already ruled out implementing a 6 percent tax on groceries, which would have generated some $500 million a year.

The group is tentatively scheduled to meet again on Nov. 19.


You must be logged in to post comments.

Username:
Password (case sensitive):
Remember Me:

WKYT

2851 Winchester Rd. Lexington, Ky 40509 859-299-0411 - switchboard 859-299-2727 - newsroom
Register for Email
RSS Feeds
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 178039051 - wkyt.com/a?a=178039051
Gray Television, Inc.