Kentuckians are a step closer to another income tax cut after Republicans passed a measure out of the state House of Representatives on Thursday, despite concerns that the move will hobble the state’s ability to generate revenue, especially during a recession.
The income tax dropped from 5% to 4.5% this year already and under House Bill 1, the rate would be reduced to 4% beginning in 2024. Republicans have signaled they plan to eliminate the income tax altogether in the future.
