Proposed Kentucky Sales Tax Increase

Discussion in 'Politics' started by Regulator623, Jan 20, 2020.

  1. WildmanWilson

    WildmanWilson 12 pointer

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    Western Ky.
    My understanding is when you stop that job your S.S. will increase above what it was before you took the job. The money you didn't draw doesn't go anywhere.
     
  2. reivertom

    reivertom 12 pointer

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    Greenup Co.
    I think you should
    With a Homestead exemption, you still pay taxes, but not as much. They exempt the first 39,300 bucks of the assessed value of your home, and you pay taxes for anything over that.
     
  3. davers

    davers 12 pointer

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    Kentucky
    We have that Homestead Exemption, which saves very little money at this time, drakeshooter. What I am proposing is when one turns 65 years old, he or she should be completely exempt from any form of property tax. However:
    1. They MUST own their own home/property, and it must be in their name as legal owner, not in-laws or children if even they live with them permanently. Only the owner being 65 years of age or older.
    2. They also can't use their land for farming or make an income off it yearly.
    3. The exemption would ONLY apply to the physical property/home they currently live in, no other properties or Homes they should own.
    This may or may not work, but at least it's a "Idea" to allow Senior Citizens to keep more money, for other things they might need such as: healthcare needs & expenses, and everyday living items like better food.
     
  4. bigbonner

    bigbonner 10 pointer

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    I agree but I have not figured how to transfer property to my son yet . I know that it would have to be 7 years before anyone goes into a nursing home.
    We are dealing with this stuff now with my wife's mother .My FIL worked his butt off in construction and died early with cancer. MIL spent every dime she had on three of her young grandchildren. Sold their cattle and even borrowed money . We told her a long time ago to put the property in her three kids name , but no she would not do that. Now looks like that farm will have to be sold to take care of her arse.
    Homes and property most usually get transferred to younger owners and they have to pay the taxes.
     
  5. ptbrauch

    ptbrauch 12 pointer

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    The OC
    Has anyone looked into transferring property into a trust? I hear a lot about them, but know nothing about them.

    I think they should be able to make an income off of it. They'd still have to pay taxes on that income. But it might be a way to keep more farms in the family. Just think, have a farm in grandpa's name and still farm it, or have it sit idle so grandpa doesn't have to pay taxes on it.
     
    00noturkey and davers like this.
  6. davers

    davers 12 pointer

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    Kentucky
    That is unfortunate. She should have done a Revocable Trust naming her three Kids.
     
    bigbonner likes this.
  7. ManofManyStangs

    ManofManyStangs 6 pointer

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    Everything I own is in a Trust for my wife and kids. It is mostly funded by my life insurance policy. If my business makes money after I pass they would still say taxes on the income. Only thing I did was save them the tax burden on the income from my life insurance, that would be tax free.
     
  8. EC

    EC 12 pointer

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    Louisville, KY.
    We need more taxes to continue to pay for our incompetence. And when that money is blown, we'll get more from you...or else.
     
  9. mmayes

    mmayes 12 pointer

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    Near Aintry
    I have since heard this bill was withdrawn, but everyone seemed to have focused on Property taxes when you should have been concerned with individual state income taxes. To have an 8% sales tax it would be within 1% of TN which has no state income taxes. TN, I think seems to do better with the 9% sales tax and no income tax.

    Mayes
     
    drakeshooter likes this.
  10. Consumption taxes where everybody has skin in the game is the fairer than expecting working men and women to foot the bill. Of course then the leeches would have to kick in so the ‘turds cry foul. Income taxation is surely theft.
     
    00noturkey, aaronc, RLWEBB and 5 others like this.
  11. Wildcat

    Wildcat 12 pointer

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    Ledbetter, Ky.

    Not only that but ALL people traveling though the state PAYS that sales tax if they buy anything. Gas, food, hotel, rental car, etc, etc.
     
  12. High Rack

    High Rack 12 pointer

    4,993
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    in the hills
    That's the easy button no one wants to push. Gives us a national sales tax or a flat tax, same goes for the states.
     
    EdLongshanks, gung, RLWEBB and 2 others like this.
  13. EC

    EC 12 pointer

    8,034
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    Jul 13, 2003
    Louisville, KY.
    LOL! Good lesson.

    Reminds of when my girls were little and would go treat or treating. They hated the part when they got home and I'd tell them "I'm dressed up like the IRS, so now it's time for you to pay your taxes".

    They'd scream and get bent out of shape while I counted out 30% from each of their hauls and would complain it wasn't fair they did all the work and I was taking their loot. I would tell them I was going to give some of this to the kids who were too lazy to go get their own candy. They really set them off.

    I told them welcome to overly intrusive mafia government...stealing your productivity while they did nothing for it. They learned the lesson (as they got older, they learned to hide some of their candy before the "IRS monster" came in the room and started the counting.

    PS: I usually gave their stuff back to them in a day or so (after I'd eaten the ones I liked. LOL).
     

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