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If you were listing characteristics of a well-designed tax system, what would you include? In today's Courier-Journal, Rep. Jim Wayne gives his list, and I think it's a good starting point:

Fairness. The tax code should promote justice, with every Kentuckian paying their fair share, including the wealthiest.

Adequacy. The revenue stream should be stable enough to support schools, social services, prisons, law enforcement, environmental protection and other programs and services people depend on.

Elasticity. Revenue should grow as the economy changes. If a certain section of our economy is expanding, as our service-based sector is, tax revenues should reflect that.

Simplicity. The system shouldn't be too complicated to understand. Taxes should be as low as possible — with everyone paying their fair share — and the tax base should be broad.

I've been yelling for months about the lack of leadership in Frankfort. Why? Because all the people in Frankfort know that our tax system fails ALL of these tests, and has for years -- and yet they have done nothing.

Here's what the cowardice in Frankfort has gotten us:

Click to read more ...

(Hat tip to Page One, that had the story and the PDF)

Two tax-reform bills were presented in Frankfort last week. The bill by Jim Wayne improves some of the inequity in our current tax system, AND improves the revenue picture. It gets a big YES from me, and should get a Yes from anyone who cares about both fiscal responsibility and an equitable tax system.

The bill by Bill Farmer, OTOH, deserves only this response: Are You Kidding Me?!?

Make the jump to see why ...

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