Governor Beshear has released his tax reform proposal, and analysis and debate over the plan has begun. It’s important that this discussion keep in mind three principles that are needed in a tax reform plan in order to move Kentucky forward:
- First, tax reform should generate significant new revenue now to allow Kentucky to begin reinvesting in our needs.
- Second, it should increase tax fairness based on ability to pay and should not be a tax shift from high income individuals and businesses to low- and middle-income Kentuckians.
- Third, it should help Kentucky sustain its budget in the future by strengthening long-term revenue growth.