LEXINGTON, KY - The timing may never have been better than the present to advocate for an overhaul of Kentucky's system of taxation.
The economy that generates local and state operating revenues is anemic, leaving Kentucky with a projected budget shortfall of $1.5 billion in the next biennium while cities all around the Commonwealth also struggle with deficits as they try to meet demand for public services and programming.
Kentucky's educators are wondering about the limits of their elasticity. Social services are endangered. First response agencies are challenged.
Put simply, not only is there no money, there's an enormous deficit - in a state that is constitutionally prohibited from operating in the red. So as the 2010 General Assembly convenes in Frankfort, trimming here, cutting there, and even slashing throughout is the order of the day.
The question looming: in an election year such as this, will Kentucky's legislators engage in meaningful, systemic tax modernization?
The pressure to do so reaches a new level on Wednesday.
UK's Martin School of Public Policy and Administration and the Kentucky State Treasury will host a public Symposium entitled "An Economic Perspective on Kentucky's Tax Structure" featuring some of the best and the brightest ever to study the state's systems of taxation and revenue distribution.
Scheduled to begin at 8 a.m. in room 171 of the Capitol annex in Frankfort, the discussion is to begin with opening remarks by House Speaker Greg Stumbo and Senate President David Williams.
Offering his insights on Where We Were and Where We Are will be William Fox, Professor of Economics and Director of the Center for Business and Economic research at the University of Tennessee. Dr. Fox has conducted an exhaustive analysis of Kentucky tax policy issues.
Taxation in the Commonwealth: Goals of tax Reform will be presented by David Wildasin, Endowed Professor of Public Finance and Professor of Economics at UK.
Kenneth Troske, Chair and William B. Sturgill Professor of Economics and Director of the Center for Business and Economics at UK will address Fiscal Competition and Regional Development: Business Incentives.
If you go, you will hear How Kentucky's Tax Systems Compares with its Neighbors from Paul Coomes, Professor of Economics and National City Research Fellow at the University of Louisville.
William Hoyt, Director of the Martin School of Public Policy and Administration, and Professor of Economics at UK will be joined by James Ziliak, Gatton Endowed Chair of Microeconomics and Director of the Center for Poverty Research at UK in discussing Taxation and Distributional Issues.
To make the symposium as manageable as possible for busy mid-week schedules, organizers have packed all of this information into a 3 hour and 45 minute format.
Anyone interested in attending should contact Donna Owlsey at 859-257-5741 or donna.owsley@uky.edu