Actually Tony's claim would be accurate for Kentucky based banks. Funds
on deposit in banks located in KY were exempt from the tax. The banks were
required to pay the tax but not the depositor.

Money in out of state banks, money market funds, stocks and bonds were all
taxed.

I think it was that exemption that helped in the over-turning of this
onerous tax.


So...they were taxing the same money every year? Why would anyone ever
deposit their money in an out-of-state bank if that were the case? Is that
what the law was designed to do? Get people to deposit their money in
Kentucky banks? Seems completely crazy to me.