Kentucky’s Tax-Cut Turnaround – WSJ

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The state budget season continues to pay off for taxpayers, and Kentucky’s sharp turnaround shows the strength of the trend. The same Legislature that fought to preserve income taxes four years ago overrode the Governor to cut rates this week.

Kentucky’s House and Senate voted Wednesday to override the veto of Democratic Gov. Andy Beshear and enact the tax reform they passed last month. The plan reduces the state’s flat income-tax rate to 4.5% from 5% in 2023 and creates a trigger for more cuts down the line. Automatic 0.5-point rate cuts will kick in each year that state reserves hold up and revenue exceeds spending.

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