Lexington Herald Leader: Kentucky’s New Tax Favors for the Wealthy Won’t Spur the Economy. They Will Worsen Inequality.

Income inequality is soaring in an economy where the winners increasingly take all. The wealthiest one percent of Kentuckians make 94 times more a year on average than the bottom 20 percent.

Despite that yawning gap, the state tax system is tilted in favor of those at the very top, as shown in a new report by the Institute on Taxation and Economic Policy (ITEP).

The wealthiest one percent of Kentuckians pay only 6.7 percent of their income in state and local taxes, the study shows, while the middle 20 percent pay 11.1 percent and the poorest 20 percent pay 9.5 percent. Read more

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