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Monday, December 11, 2006

House GOP set to undo "regressive" tax.

The Kentucky House GOP leadership announced today that they plan to pre-file bill(s) to undo the provisions of the Alternative Minimum Tax (AMT) passed as a part of Gov. Fletcher's tax modernization package of 2005. The "regressive" tax", which exempts companies with gross profits or gross receipts of less than $3 million while businesses with up to $6 million in gross receipts or profits get a rate reduction -- others get a base charge of $175 -- is "estimated to have delivered $190 million to $200 million into the state’s coffers since its passage", according to caucus chair, Jeff Hoover.
I could be wrong, but I opine that the law is probably a victim of unintended consequences -- meaning that I do not believe anyone expected the tax to be so "regressive" and "onerous" or uneeded as it turned out to be. Nonetheless, I am ALWAYS receptive to an idea that returns tax money to taxpayers. A good government is always one that attempts to govern (or in this case, tax) the least.

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