Following the release of the U.S. House’s new tax proposal, Anna Baumann, research and policy analyst for the Kentucky Center for Economic Policy, released the following statement:
“The House tax plan released yesterday is an expensive new giveaway to wealthy households and major corporations at the expense of low-and middle-income families. It offers little to most Kentuckians and would actually hurt many low- and middle-income families.
The plan will add at least $1.5 trillion in debt – and to pay for it, some are already making it clear they will try next year to cut critical investments in our communities from nutrition assistance to education and health care. Worse still, by eliminating the state income tax deduction and shifting new costs to states, the plan would put more pressure on our already strained state budget, leaving even less for critical investments in education, public safety, pensions and more.
We encourage Kentucky’s Congressional delegation to reject this tax plan.”