A new poll shows that the average Kentuckian feels recent tax cuts are not benefiting them. The poll was conducted by Change Research and was commissioned by the Kentucky Center for Economic Policy. It also shows Kentuckians want to see lawmakers focus on affordability and core services.
Kentucky's individual income tax rate dropped to 3.5% in January. Jason Bailey is the founder and Executive Director of the center. In an interview with Eastern Standard, he said, historically, the tax has generated more than 40% of Kentucky's state revenue.
“If we eliminate that, we're going to have less money to invest in the things we are already responsible for investing in, like public schools and infrastructure, and healthcare programs like Medicaid. Much less, put more money into pressing needs like childcare,” he said.
Bailey said the tax rate dropping a half percent is rarely felt by many, except the wealthier residents.
He said a solid majority of Kentuckians support changes in tax policy to support childcare.
“One of the things we asked in the poll is 'Do you support increased funding for affordable childcare, expanded preschool, paid for by increased taxes on the wealthiest 5% and we found that 68% of Kentuckians support that,” Bailey said.
Supporters of cutting the individual income tax say that it lets Kentucky be more competitive, attract jobs, and people keep more of their paycheck. Bailey said that 60% of the tax cuts go to the wealthiest Kentuckians.
Hear more with Kentucky Center for Economic Policy, Jason Bailey later today on Eastern Standard on WEKU.
