The discussions relating to the so-called "Fiscal Cliff" in Washington have included a number of proposals about ways to raise tax revenue. One suggestion that is drawing concern among some charities would reduce the tax deduction for wealthy Americans to donate money to charitable organizations.
Kentucky's Blue Ribbon Tax Commission has wrapped up its work, but Governor Steve Beshear says the biggest challenge to revising the tax code still remains.
Tax reform is on the tip of the tongue every few years in Frankfort. But historically, not much has been accomplished. Beshear will get the commission's latest recommendations for tax reform this week. And it'll be up to him to convince lawmakers that the panel's work is worth turning into law.
The University of Kentucky's Departments of Forestry and Agricultural Economics recently announced the findings from an economic impact study on the wood and forest industries in the Commonwealth. The study found that Kentucky's forest industries contribute nearly $10 billion to the state's economy each year.
Dr. Jeffrey W. Stringer of the University of Kentucky says about three-fourths of the state's forests remain in private hands, and they continue to grow at a faster rate than they are being removed. The study found that the state's forest industries provide about 2.7 % of the jobs in Kentucky, with more than 24,000 people being employed by the logging and wood/paper industries.