Kentucky taxpayers could become burdened by this huge debt

Anita Durairaj
Image by Thought Catalog on Unsplash

According to the non-profit, Truth in Accounting, the Kentucky taxpayer burden is $26,000 in the fiscal year 2020. It basically means that Kentucky would need $26,000 from each state taxpayer to pay its bills even after its available assets have been tapped.

Truth in Accounting states that they are a non-profit interested in empowering citizens by providing them with transparent information about the government and its finances.

Since 2009, they have provided an annual financial report for Kentucky. For the most recent financial report involving the 2020 fiscal year, they have graded Kentucky as failing in its fiscal health.

Truth in Accounting compiled Kentucky's financial data for 2020 by analyzing the Commonwealth of Kentucky's 2020 audited Annual Comprehensive Financial Report and retirement plans report.

According to the non-profit, Kentucky's debt burden is $32.1 billion. This is because Kentucky has $46.2 billion worth of bills and only $14.1 billion available to pay it.

Most of the debt burden resulted from unfunded retirement obligations towards pension benefits and retiree health care. Also, the pandemic in 2020 only made financial matters worse for the state.

By not funding the promised pension and retiree health care, the burden would be transferred to taxpayers.

In terms of its financial health, Kentucky is ranked at the bottom at #44 out of the 50 states.

Most likely, the Kentucky taxpayer will have to shell out the $26,000 in future taxes without expecting any services or benefits in return.

Source: Data-Z

This is original content from NewsBreak’s Creator Program. Join today to publish and share your own content.

Comments / 5

Published by

I write unique and interesting articles for discerning NewsBreak readers.


More from Anita Durairaj

Comments / 0