Kentucky Chamber offers tax commission professional advice
Kentucky Chamber of Commerce President and CEO Dave Adkisson testified before the Governor’s Blue Ribbon Commission on Taxation at its final public hearing in Lexington. Adkisson made the case that the commission should be wary of any tax changes that place a larger burden on employers trying to hire employees.
“The key to job growth and prosperity is to make sure we have a tax code that encourages employers to invest here in Kentucky,” said Adkisson. “States around us continue to make changes in an effort to out-compete us. We must continue to improve or we’ll be left behind.”
Adkisson also referenced the Chamber’s Leaky Bucket report and the continued need to monitor spending if the state is to ensure funding for top priorities.
“There is still work to be done to rein in certain areas of spending to ensure priority areas of state government like education and economic development are funded appropriately,” he said.
To help the commission understand how taxes impact Kentucky’s competitiveness, job growth and ultimately revenue projections, the Chamber presented a series of professional papers on the impact of taxes on business and provided detailed information on what surrounding states are doing to increase their competitiveness.
Adkisson noted the Chamber would continue to provide helpful information and advice to the commission.
“It is our goal that these documents will be received by commission members as a good faith effort to guide future deliberations. The Kentucky Chamber stands as a willing partner to help produce a tax code that encourages job growth, prosperity and ultimately more revenue through economic growth to invest in our education system and other key priorities.”
The Chamber’s professional tax papers were compiled by expert tax practitioners representing businesses operating in Kentucky. The papers are backed by documented research reports and examples of how various taxes impact business decisions. The full set of tax papers can be found online at www.kychamber.com/tax.