Even though Kentucky's Congressional Senate leader McConnell knows first hand Kentucky's biennium budget is made up of half Kentucky tax revenues and half federal revenues---that will be adversely affected by federal sequester---which represents an estimated one-half (50%) of Kentucky's 2014-2016 biennium budget.
Kentucky's own senate leader has made no effort to divert, delay or stop federal sequester cuts to Ky's 2014-2016 biennium budget.
Kentucky House leader, Greg Stumbo and House budget chair Rand have stated publicly they will not motivate 2014 House members to use tax reform to modernize current tax base to generate a stable, competitive, fair, dependable 2014-2016 Kentucky biennium budget revenues for protecting against 2nd round of percentage-across-the-board federal sequester cuts on the way.
Therefore, percentage-across-the-board federal sequester cuts will attack Kentucky's obsolete budget which translates into adversely affecting Kentucky's most vulnerable people programs making up Kentucky's middle and poor classes; this after suffering through a record world recesson.
Senate's budget chair Leeper recently exclaimed his acquiescence with Rep Stumbo and Rand.
Obviously, I missed something.
In FY 2009 Ky's annual debt payment (debt service) was recorded by Ms Lassiter as $613,290,827. Assuming a 30 year bond @4% would yield a $10.6 billion dollar liability.
2014-2016 biennium budget needs all state expenses to be reduced by $1 billion
and tax resources enhanced, but Senate & House budger personnel discount such action
In addition to an estimated $10.6 billion indebtedness, Ky's estimated current billion-dollar liabilities include:
$estimated 1 billion dollar federal unemployment, medicare; and
$estimated 5,494,741,824 twenty-year under funding of State Retire
State violating 1990's actuarial mandate of $220,000,000 byappropriating $23,000,000 less each year for 25 years;
$estimated $19 billion dollar state retiree's deficit
Currently, Ky allows a 25 year old motor vehicle tax evasion---estimated @$300 million---to go uncollected;
Despite Kentucky's current tax base being obsolent for past 25 years, it continues;
1965 "services" left out of statute & Kentucky has only selected services it taxes;
2008 production of "goods" was 24%$2008 "services" production was 47%U.S. Dept of Commercer, Bureau of Economic Analysis, national Income & :roduct Accounts Table 1.1.5
$3.45 billion dollar Master Settlement Agreement Plan to end in 2023 while in 2014-2016 biennium budget tax resources could benefit from 25% ($875 million) being used to assist Kentucky's tax resources to recover
Best Regards,
Bill Huff
319 Dixie Manor Ct
Harrodsburg, Ky. 40330-1923
859.734.2228
huff9983@roadrunner.com
