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Tax Relief in Kentucky

Kentucky MapKentucky residents face significant challenges when considering the state’s statistics with respect to personal tax liability. A primary reason for these challenges is the sharp decline in the median household income: Kentucky’s median dropped sharply, by 18.5%, to $42,158. This places Kentucky with 44th lowest income level in the nation.

Because of its lower household income levels, Kentucky ranks 47th in the average amount of federal income tax collected per resident: $8,057, well below the national average of $11,715. Also, Kentucky has the 5th lowest property tax collection rate in the United States, with an average of $689 per resident.

However, despite its considerably lower income levels, Kentucky does rank 15th highest nationally with respect to state and local income taxes collected. In an average year, Kentucky collects $1,033 per person.

This combination of lower incomes and higher taxes, along with individual struggles with unemployment, medical bills, and other unforeseen events has resulted in a considerable number of Kentuckians with delinquent state and federal tax payments. It is hard to put money into savings to pay federal and state tax bills when there isn't even enough to pay for immediate needs of food, shelter, clothing, and transportation to work. Tax relief is becoming more popular as residents look for help in meeting their financial obligations.

Tax relief companies are structured so as to help clients address their tax struggles and avoid the pressure of owing the IRS and state tax authorities, along with the possibility of having assets seized or wages garnished. Experts in tax relief use a wide variety of methods to help clients with their delinquent taxes; some examples are a complete investigation of clients’ current financial status, preparing a resolution proposal for the IRS, and setting up a personalized payment plan for tax debt.

 

Talk of new taxes to pay for Kentucky roads

LOUISVILLE (WHAS11) -- Potential new taxes to alternative fuel vehicles and/or upping the gas tax could be solutions to a problem waiting down the road in Kentucky. Lawmakers just passed a budget, but leaders on both sides of the aisle warn that unless ...

Published:  Thu, 10 May 2018 14:28:00 GMT



Tax hike fuels jump in Indiana gas prices since last year

"We were concerned with our members who are on the border because if you go buy fuel in Kentucky, it's much cheaper than in Indiana." As Indiana aims at striking a balance between increasing its gas tax and funding infrastructure projects, the question is ...

Published:  Sat, 19 May 2018 09:07:00 GMT



Tax Reform Win: Novelis Breaks Ground On New $300 Million Manufacturing Facility In Kentucky

Since 2008 manufacturing in the United States has added more than a million new jobs, and today that momentum continued with a major announcement by Novelis, Inc.-spurred on, in part, by the recently enacted tax reform legislation. The global leader in ...

Published:  Mon, 14 May 2018 11:48:00 GMT



SQUARE ONE There won't be winners if pension suit succeeds

If the pension reform is struck down Kentucky will be left with the worst pension crisis in the nation about which it will have done exactly nothing. Those who believe lawmakers will simply keep raising taxes to pay the runaway pension costs are fooling ...

Published:  Sat, 19 May 2018 23:17:00 GMT



Entrepreneurs and Employees Continue to Benefit from New Tax Code

WASHINGTON, D.C. - U.S. Senate Majority Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding the benefits Americans continue to see from the Republican pro-opportunity, pro-worker agenda.

Published:  Wed, 16 May 2018 08:17:00 GMT



Teachers' group seeks to stop Oklahoma anti-tax question

Professional Oklahoma Educators argues in court paperwork that repealing the tax hikes would undo teachers' raises, which are necessary "for the immediate preservation of the public peace." Teacher walkouts started in West Virginia and spread to Kentucky ...

Published:  Mon, 14 May 2018 13:29:00 GMT



Kentucky's Deadline Task: Implement an Expanded Sales Tax

Some of America's Busiest Travel Corridors Aren't Getting Their Fair Share of Federal Dollars Massive Federal Spending Bill Offers Big Boost for State, Local Programs When Your Downtown Is Built Over a Flood-Prone Creek

Published:  Sun, 13 May 2018 12:39:00 GMT



Missouri lawmakers pass big tax code changes on last day

Missouri's Republican-led Legislature approved tax cuts for both individuals and corporations and sent a gas-tax hike to voters, just hours before the end of the regular session and beginning of a special one to consider impeaching Gov. Eric Greitens.

Published:  Fri, 18 May 2018 18:39:00 GMT



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