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KCEP report warns against turning our tax structure upside down
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Check out this new report from the Kentucky Center for Economic Policy, detailing how a House proposal (HB 196, from Rep. Farmer) would turn our tax system upside-down, so to speak. Rep. Farmer's bill would replace all corporate and personal income taxes with a higher and much broader sales tax.
This shift would mean higher taxes for most of us--at least 60% of us--and huge cuts for the wealthiest. The chart below was grabbed from KCEP's report, and shows the impact of HB 196 on income earners across income levels, from lowest to highest.
You can find the whole report here, on KCEP's website, www.kypolicy.org.
