Non-smoking Kentuckians who think the recent thirty cent tax increase in Frankfort and the sixty two cent hike courtesy of Congress won't affect them just haven't run the numbers.
The Tax Foundation did, though. Using a Congressional estimate that the federal hike will lower purchase of tax-paid cigarettes (hello black market!) will fall 10% in the fiscal year starting in June, it looks like the federal tax alone will cost Kentucky almost $46 million in cigarette taxes.
More details here.
Good thing the federal tax was used to justify making government bigger, right?
If Kentucky's tax increase has any kind of similar impact, the legislature will have to hurry back in to fix the fiscal problems caused by their last fix.
Wednesday, April 1, 2009
Obama takes $46 million bite out of Kentucky
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If you want to see economic devastation, wait until cap & trade shuts down the coal industry.
What fools we elect, re-elect, and re-elect. What fools "We The People" are for doing so.
Lexington has already experienced a 4.3% increased crime rate in the face of rising unemployment rates among legal workers.
That's how it works, Beshear, Williams, Chandler, et al. To feed their families many whose benefits expire will take whatever they need to survive, any way the can.
Great job Kentucky! Let's celebrate our economic status as 47/50, and going down, but at least we've got a new $32,000,000.00 basketball coach!
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