Kentucky benefits little from tax reform according to study

03/28/2018 10:38 AM

If you listen to Senate Majority Leader Mitch McConnell, R-Kentucky, speak on the Senate floor, you would get the impression that Kentucky is thriving under the new sweeping tax reform, but a new study suggests something different.

WalletHub conducted a study to see the states affected most from the tax reform, and instead of ranking in the top, Kentucky came in near the bottom at 38.

WalletHub compared the 50 states and the District of Columbia based on the state-specific average tax change for low, middle and high-income families. Using this methodology, the study determined that low-income families in the Commonwealth are seeing the highest benefit from tax reform. Low-income families ranked 17th out of 51, but high-income owners are seeing some of the least benefits nationwide, registering in at 42. Middle-income families aren’t seeing much benefit from the tax reform either, receiving a ranking of 32.

Interestingly, the study concluded that red states are benefiting the most from tax code change, however, the findings in the Bluegrass state don’t seem to hold up that finding. WalletHub says red states received an average ranking of 28.62, far ahead of the 38 ranking Kentucky received.

The states determined to be reaping the most benefits from tax reform are Alaska, Alabama, Tennessee, District of Columbia and Nevada. The states found to be least affected by the change are West Virginia, Connecticut, New York, Maryland and New Jersey.


Source: WalletHub

Michon Lindstrom

Michon is a producer for Pure Politics. Michon comes to Kentucky from Springfield, Illinois where she served as the statehouse reporter for the NBC affiliate. During her time in the Land of Lincoln she covered the state’s two year budget impasse and the largest school funding overall in Illinois history. Pure Politics airs weeknights at 7 and 11:30 on Spectrum News. Follow Michon on Twitter at @MichonLindstrom or reach her by email at michon.lindstrom@charter.com

1 Comments

Comments

  • Dee W. wrote on March 29, 2018 10:00 PM :

    Just went to the link and it does not say what this article suggests.

    The analysis was a comparison of where Kentucky stood as compared to other states as to the impact of the tax reform bill – not that we were not benefiting as the opening paragraph of this article is implying. This study does not suggest we are not benefiting from tax reform as Senator McConnell stated and the writer of this article claims.

    Let’s stick to the facts, please, and not editorialize / propagandize the news.

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