STATEMENT RELEASE:
SENATE BUDGET CHAIR CHRIS MCDANIEL APPLAUDS PROVEN RESULTS OF LAWMAKERS' COMMITMENT TO FISCAL RESPONSIBILITY
Triggers met to further reduce working Kentuckians’ income taxes beginning in 2026
FRANKFORT, KY. (August 21, 2024)—The following is a statement from Sen. Chris McDaniel, R-Ryland Heights, following Wednesday's testimony from the Kentucky state budget director confirming working Kentuckians will receive another significant reduction in their income tax beginning in January 2026 as a result of McDaniel and lawmakers' steady discipline and fiscal responsibility.
"Today's report from the state budget director confirms what we have been saying for over a decade: Conservative budgeting is best for Kentuckians. Over the past decade, we have grown the state's reserve from $0 to over $5 billion. At the same time, we have stabilized and made solvent the worst-funded pension systems in the nation, made historic investments in education, and reduced the income tax from 6 percent to 4 percent.
"Today, we received word we can take legislative action this January to reduce the state income tax from 4 percent to 3.5 percent, effective in January 2026.
"Kentuckians know best how to spend their money and do so more efficiently than the government. We are proud to help them and their families keep more of their hard-earned money."
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Sen. Chris McDaniel, R-Ryland Heights, represents the 23rd Senate District in northern Kenton County. He serves as co-chair of the Interim Joint Committee on Appropriations and Revenue. McDaniel also serves as an ex officio member of each budget review subcommittee. Additionally, he is a member of the Interim Joint Committees on Local Government; State Government; and Licensing, Occupations, and Administrative Regulations. Finally, he is a member of the Public Pension Oversight Board.
Please visit https://legislature.ky.gov/Legislators%20Full%20Res%20Images/senate123.jpg for a high-resolution .jpeg of McDaniel.
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