[Multiple Organizations Jointly Sue Kentucky Over 14.25% Prediction Market Tax, Kalshi and Polymarket Involved] Odaily Planet Daily News: An industry coalition comprising Kalshi, Polymarket, and others has filed a lawsuit in court seeking to block Kentucky's 14.25% transaction tax on prediction markets. This tax, passed by the Kentucky legislature in April this year, imposes a 14.25% consumption tax on transaction fees charged by prediction market operators. It is considered the first state-level special tax targeting this industry in the United States. The plaintiffs, known as the 'Fair Markets Alliance,' argue that the tax is a discriminatory measure, violates the Constitution, and may already be preempted by federal law. The lawsuit points out that imposing a higher tax burden on prediction markets is clearly unfair and could distort the competitive structure of the market. (Abcnews)