WAVE 3 Editorial - July 12, 2012: Tax Reform - wave3.com-Louisville News, Weather & Sports

WAVE 3 Editorial - July 12, 2012: Tax Reform

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By Ken Selvaggi
WAVE 3 Vice President and General Manager

Over the past 10 years, seven of every 10 jobs created in the United States came from companies that had been in business five years or less.

Kentucky's tax code should reward innovation and encourage more investment in startup and fast growth companies.

Kentucky relies too heavily on income and occupational taxes locally and statewide and that puts Louisville at a disadvantage for attracting knowledge-economy employers and employees.

Local governments throughout the Commonwealth also need more flexibility in raising dedicated revenue for specific community development projects. Indianapolis, Nashville, and Oklahoma City are among many cities that benefit from this because Indiana, Tennessee and Oklahoma are among many states that permit this possibility. Kentucky's constitution does not allow for that now. We need an amendment to the constitution and statewide referendum is needed to make it possible. It is a must for inclusion on recommendations on tax reform by the Governor's Blue Ribbon Commission.

How tax money is spent is also critical to growth for Kentucky. Spending less on prisons and pensions and more on education and economic development will go a long way to expedite revenue growth.        

Copyright 2012 WAVE News. All rights reserved.

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