Tax Plan Expected To Be Revealed Today
Frankfort, KY – House and Senate leaders plan to finalize their budget-balancing plan this morning, share it with the governor and then take it to their members this afternoon. House Speaker Greg Stumbo says it likely will include a blend of tobacco and alcohol beverage taxes. "A blended tax was preferable to the cuts that would have to occur without new revenue. The caucus told us that. And now, it's just the devil's in the details, obviously, but we're just trying to get to that blend that we can get 60 votes with."
Stumbo predicts a cigarette tax hike, if approved, will be less than 50-cents, but says debate continues over whether the alcohol tax should be at the retail or wholesale level. The draft plan also includes a raid on the state's Rainy Day Fund, but likely won't require furloughs of state workers.