Reported about 10 hours ago
Kentucky lawmakers have passed a bill to reduce the state's individual income tax rate from 4% to 3.5%, set to take effect in 2026. This measure, a key Republican goal, received overwhelming support in the Senate with a 34-3 vote and now goes to Governor Andy Beshear, who is in favor of the cut. Advocates argue that this tax reduction will spur economic growth, although critics express concerns about its disproportionate benefits to wealthier residents. The latest change continues a trend of tax cuts initiated since Republicans took full control of the legislature in 2017.
Source: YAHOO