At Uniquely Covington Kickoff of Fall Campaign Season, IRS Emerges as Key Issue

September 19, 2016, 18:13 PM

How will the city deal with the forthcoming job losses brought on by the shocking announcement from the IRS? "That's ten percent of the jobs in Covington today that will be lost," said Meyer, a state representative from 1982-88 and a state senator from 1989-96, before serving as secretary of education and workforce development under Governor Steve Beshear.

There will be an impact on surrounding businesses, Meyer stated, not to mention the drain on the city's payroll tax revenue, its main source of funds. "We can't grow services that our people want without growth in jobs," he said.

To replace the payroll tax lost with the departure of the IRS, property tax revenue would need to be increased by 25 percent, Meyer said. "That's not competitive. Those who say this is a great opportunity and that we're gonna hit the ground running in three or four years are engaged in politics, just pure political speechmaking," Meyer said. "I've been through this process before in closing down buildings and having them declared surplus. It takes three to five years after the property is vacated before it can be awarded to the next property owner."

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