Kentucky Gov. Matt Bevin. (Jenny Sevcik/Messenger-Inquirer/AP)

Kentucky Gov. Matt Bevin (R) said Monday that he will veto a tax overhaul passed by members of his own party last week that aimed to slash business and income taxes while raising sales taxes in a way that would hit most of the state’s residents.

One analyst has projected the plan, now headed back to the state legislature, would raise taxes on 95 percent of Kentuckians while cutting them for the wealthy and corporations.

“We want to come up with a smart, thoughtful, more balanced approach,” Bevin said at a news conference. “We need to govern in a different way.”

[ Kentucky legislators send tax cuts for wealthy, tax hikes for the other 95 percent to governor’s desk ]

Bevin also announced that he will veto a budget plan, passed the same week by the legislature, that would set state spending levels. That…