Resource KT Sat, 04 Dec 2021 05:08:48 +0000 en-US hourly 1 Resource KT 32 32 Tax Foundation Report Recommends Reforms To Boost Growth In Kentucky | Kentucky Fri, 03 Dec 2021 20:01:00 +0000

(The Center Square) – A report released this week by the Tax Foundation says Kentucky still lags the country in terms of economic growth, but there is a “unique opportunity” for the state to attract new workers thanks to the rise of virtual offices and working.

To take advantage of the opportunity, however, the public policy group said Kentucky must continue to reform its tax policies – a move that began in 2018 – to promote growth in personal and business income.

“Kentucky is expected to experience robust income growth over the next several years, which represents a valuable opportunity for policymakers to pursue reforms,” ​​the report’s summary said. “Ultimately, the goal of tax reform should be to enable state and local governments to generate sufficient revenue to fund government services in a way that avoids hampering business productivity, business growth, etc. employment and personal wage growth. “

The foundation’s 78-page report came out on Tuesday.

The Tax Foundation’s recommendations include the repeal of the Limited Liability Entity Tax. The group says the gross revenue tax presents challenges for start-ups and those that operate on low margins or lose money. The state should also reduce corporate and personal income taxes, especially since businesses and workers also pay local taxes and professional fees. Removing the inventory tax would also help businesses.

To counter these reductions, the Tax Foundation encourages Kentucky to “modernize” and put more emphasis on use and consumption taxes. This would include the possibility of increasing the state’s sales tax by 6% and giving cities and counties the option of adding a sales tax as well.

Among its neighboring states, only Virginia’s average combined sales tax rate of 5.75% is lower than Kentucky’s 6%. While the 2018 reforms broadened the sales tax to cover additional services, the rate has not changed for over 30 years.

“If a rate hike offsets cuts in income tax rates, it could leave Kentucky with a competitive sales tax rate against its regional rivals while still offering an envious tax rate that would have an effect. most importantly on economic growth and opportunities, ”the report said.

Prior to reforms passed by the Republican-led General Assembly in 2018, the Tax Foundation ranked Kentucky 36th nationally for its business tax climate. In its 2021 report released last month, Kentucky came in 19th, one place behind neighboring Tennessee.

Tennessee, which has no personal income tax and relies heavily on sales taxes, is often touted as a model for Kentucky’s tax reform efforts. The foundation’s report says that over the past two decades, Tennessee’s economy has grown 60 percent faster than Kentucky’s.

Adjusted for inflation, “the gross product of the state of Tennessee grew by almost 36% between 2001 and 2020, while the economy of Kentucky grew at a much more modest rate of 22%, although Below the national average of 35% growth for the period, ”the report said.

In a press conference Monday with other members of the Republican leadership of the State Senate, State Senator Mike Wilson, R-Bowling Green, said there had been discussions of ” high level ”on further reforms.

Any tax bill should start in the state House of Representatives.

“There is nothing concrete about it, but I’m sure we would all like to see ourselves move more towards a consumption-based tax and less towards an income tax,” said Wilson, the whip of the majority. “

The Tax Foundation received a grant from the Kentucky Chamber of Commerce to assist with its independent research and report development. “Can we get to where Tennessee is?” It would be very difficult, but then again, maybe we could get to a place like Indiana in their model.

According to the Tax Foundation report, Indiana’s top marginal corporate tax rate of 4.9% is almost comparable to Kentucky’s 5% rate. Indiana’s top marginal personal income tax rate is 3.23%, while Kentucky’s is 5%. Indiana’s average effective local income tax is 0.5%, nearly one-third of Kentucky’s effective rate of 1.4%.

Indiana also has a 7% state sales tax and, like Kentucky, does not allow cities or counties to add to this.

The foundation’s report was independently researched and written with a grant from the Kentucky Chamber of Commerce.

Kentucky Chamber CEO Ashli ​​Watts said in a statement that the national nonprofit group’s report presents “critical data, valuable context and a unique national perspective” on how leaders of the States can tackle pro-growth reforms.

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Infra Integrated, Online Coordinated Efforts with Prime Minister Gati Shakti to Increase Coal Production, Energy News, ET EnergyWorld Fri, 03 Dec 2021 10:01:00 +0000 New Delhi: The Ministry of Commerce and Industry said on Friday that integrated infrastructure and coordinated efforts in line with Prime Minister Gati Shakti’s national master plan would help increase coal production in the country. The issue was discussed at a meeting, hosted under the chairmanship of NITI Aayog CEO Amitabh Kant, to discuss Coal India Ltd’s mission to produce one billion tonnes of coal by 2025-2026.

In October, Prime Minister Narendra Modi launched a Rs 100 lakh crore National Master Plan (NMP) for multimodal connectivity that aims to develop infrastructure to reduce logistics costs and boost the economy.

Coal remains India’s primary household fuel as well as the largest commodity transported across the country, the ministry said in a statement.

“According to Prime Minister Gati Shakti, the development of integrated infrastructure with coordinated efforts of all infrastructure ministries is at the heart of a further increase in coal production and disposal capacity through multimodal connectivity” , did he declare.

As discussed at the meeting, rail remains the dominant mode of disposal for coal with the goal of increasing its modal share from 64% to 75% by fiscal year 2030.

To respond to the increased shipment of coal to Chhattisgarh and Odisha, 14 railway infrastructure projects are being implemented in accordance with Gati Shakti principles.

He said the Ministry of Railways has developed the Freight Operations Information System to monitor the movement of freight trains, which also calculates freight and other charges.

A similar facility called the Port Community System (PCS) was developed by the Ministry of Port Navigation and Waterways to provide a platform for secure information exchange between government agencies, terminal operators and traders.

In addition, with the advent of PM Gati Shakti NMP, the status and type of roads (national highways / state highways / rural roads / PMGSY roads) describing the connectivity of the first and last mile of coal mines will be also accessible to the Ministry of Coal and the Ministry of Roads, Transport and Highways to take the necessary measures of integration and capacity building, “he added.

The plan, he said, will comprehensively examine the interventions needed to reduce the logistical costs of coal removal and thus lead to efficiency gains in the coal sector. PTI RR HRS hours

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Hong Kong shares drop following Didi delisting; Chinese stocks rise Fri, 03 Dec 2021 04:38:00 +0000

SHANGHAI, Dec. 3 (Reuters) – Hong Kong shares fell on Friday as the delisting of New York-based ridesharing giant Didi scared investors and stoked the sale of tech giants, while consumer products from base helped Chinese stocks rise.

The CSI300 index (.CSI300) rose 0.4% to 4,872.97 at the end of the morning session, while the Shanghai Composite Index (.SSEC) gained 0.6% to 3,594 , 64.

The Hang Seng Index (.HSI) fell 0.7% to 23,612.43. The Hong Kong China Enterprises Index (.HSCE) lost 1.2% to 8,404.87.

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** For the week, the CSI300 index edged up 0.3%, while the Hang Seng index lost 1.9%.

** Didi Global (DIDI.N) has announced that it will withdraw from the New York Stock Exchange and continue listing in Hong Kong, succumbing to pressure from Chinese regulators concerned about data security. Read more

** Following the announcement, Hong Kong-listed tech companies (.HSTECH) fell more than 2%.

** “This event makes the market believe that the current oversight of the mainland tech equity industry will continue,” said Kenny Ng, securities strategist at Everbright Sun Hung Kai in Hong Kong.

** “The decline in the prices of technology stocks listed in Hong Kong today also reflects this factor.”

** Alibaba Group (9988.HK) and Bilibili Inc (9626.HK) fell 4.6% and 7% respectively, reaching their lowest ever.

** Tencent (0700.HK) lost 2.9%, while Meituan (3690.HK) lost 4.5%.

** Real estate developer China Aoyuan Group (3883.HK) fell 16.8% after the developer warned shareholders it may not be able to repay $ 651.2 million in debt due lack of liquidity. Read more

** Activity in China’s service sector grew at a slower pace in November amid mounting inflationary pressures and persistent small-scale COVID-19 outbreaks, according to a private investigation. Read more

** In mainland markets, Consumer Staples (.CSICS) rose 2.1%, while liquor makers (.CSI399997) jumped 2.8%.

** Semiconductors (.CSIH30184) and utilities (.CSI000007) gained about 2.1% each, while coal miners (.CSI000820) jumped 3.2%.

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Report from the Shanghai press room; Editing by Subhranshu Sahu

Our standards: Thomson Reuters Trust Principles.

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Mark Cavendish confirmed for Quick Step-Alpha Vinyl in 2022 Thu, 02 Dec 2021 15:01:12 +0000

Mark Cavendish will ride for Quick Step-Alpha Vinyl in 2022 and join his teammates at a meeting in Calpe, Spain next week with team manager Patrick Lefevere confirming that a deal has finally been reached with the Manxman.

Cavendish was due to make a new one-year deal and sign a contract after the Ghent Six. However, he crashed heavily on the last day of the race and will need several weeks off to recover from fractured ribs and a punctured lung. Lefevere put Cavendish’s health before any deal but has now revealed that they have come to an agreement and Cavendish will travel to Spain for the official team photo which hallmarks his presence with the Belgian squad in 2022 .