For the record, we now know that House Speaker Greg Stumbo understands the basic economics of taxation.
Today’s Herald-Leader reveals this telling quote:”…Stumbo released a letter from Kentucky Lottery officials who said Williams’ proposed 10-percent tax on lottery tickets would hurt sales and put the state’s lottery at a disadvantage compared to other states with no tax.”
There you have it sports fans. Speaker Stumbo understands that if the House of Representatives proposes to raise the tax on something – by definition – less of it will be produced or sold. So when he proposes to raise personal income taxes, taxpayers will work less; if he raises sales taxes, people will buy less; if he raises real estate taxes or impact fees on developers, fewer projects will be built.
Let’s hold him accountable for this revelation.