WAVE 3 News Editorial - January 17, 2017: Tax Reform

LOUISVILLE, KY (WAVE) - The scramble to collect pertinent tax material begins in earnest this week – at least for those who want to file tax returns well before the April 15th deadline in hopes of getting a refund check as early as possible. The refund check terminology is a slight misnomer since it is our money being refunded.

This hopefully will be the year that a permanent fix to the tax code is made. To stimulate sustainable business growth, reforming tax rates must happen.

Small businesses fuel our economy. For starters, lowering the capital gains rate for those businesses will free capital for investment. American businesses are slowed by some of the highest corporate tax rates in the world.

Simplifying the process for individuals and businesses will go a long way to improve the process.

On the statewide level, tax reform is needed as well. In the Commonwealth of Kentucky, that would mean a special session at some point this year. It would be well worth it.

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