ABOUT INCOME TAX IN KENTUCKY
Kentucky Senate has passed the bill to decrease Kentucky’s income tax after hotly debating it between republicans and democrats. After discussion, it’s moved to Governor Beshear.
The bill managed to receive 8 yes votes in one member passing it, and the process didn’t last longer than 10 minutes. The opponents and supporters of the bill followed party lines.
Lowering the income tax in Kentucky could reduce the amount of money paid in taxes, leave more disposable income for individuals and potentially stimulate economic growth. On the other hand, lower tax revenue can reduce the number of funds available for Kentucky.
Since the Bill is headed to Governor Andy Beshear, he will have the opportunity to sign the bill into law or veto it.
If vetoed, the legislature would need to override the veto with a two-thirds vote in both chambers for the bill to become law.
The bill has been a point of contention between Republicans and Democrats, with Republicans advocating for the cuts as a way to return money to working Kentuckians and make the state more attractive to businesses. While Democrats argue that the cuts primarily benefit the wealthy and provide little relief for the majority of Kentuckians.