Glasgow Daily Times, Glasgow, KY

Local News

December 7, 2012

Stumbo, Stivers react to tax talk

FRANKFORT — The prospective state Senate President and Speaker of the House Friday were noncommittal about reaction to recommendations to create $690 million in new state revenues through tax reform.

Democratic Speaker of the House Greg Stumbo, D-Prestonsburg, said he wants to examine the proposals by Gov. Steve Beshear’s Blue Ribbon Commission on Tax Reform further but said it includes at least some things he favors.

Sen. Robert Stivers, R-Manchester, who has been chosen by Republican Senators to be the next Senate President, said he hadn’t seen any details of the recommendations except those listed in media accounts.

“I have not seen the tax commission’s final recommendations and I don’t know if they are in final form,” Stivers said Friday. “There are only things released to the press about tobacco tax, reducing the amount of exemptions (for taxing pensions). Those are about the only two things I’ve heard.”

The commission, chaired by Lt. Gov. Jerry Abramson, made a number of recommendations but chief among them are to lower individual and corporate income taxes from 6 percent to 5.8 percent; limit the amount of income exemption which pensioners can claim to $30,000; raise cigarette and tobacco taxes; extend the sales tax to selected services; and to offer a 15 percent Earned Income Tax Credit for the low-income, working poor.

For the full story, see the Glasgo Daily Times Weekender.

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