The Terrible Impact of HB 8 on KY and Your Long-Term Financial Planning: Opinion

As a Louisville financial planner, I understand the financial challenges Kentucky families face as they work to save for retirement, pay for education, buy a new home, and leave a legacy to their children. Until the late 1980s, they could depend on their employers to cover most of their retirement. But the introduction of 401(k) plans changed all that by placing the responsibility of saving for retirement squarely on your shoulders, which is why access to quality financial advice is critical.

Unfortunately, our state legislators in Frankfort are considering legislation that has the potential to hinder the ability of all Kentuckians to obtain the qualified investment and financial advice they need.

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Right now, our legislators are considering House Bill 8, which calls for the elimination of the state income tax and replaces it with a tax on various services, including “personal financial planning services” and “personal investment management services.” If passed, this legislation could significantly harm the way Kentuckians save, plan for retirement, invest, and prepare for their financial future.

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