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Message
Edwards is pushing tax "reform" to balance his budget
Posted on 12/15/16 at 2:02 pm
Posted on 12/15/16 at 2:02 pm
and now they are using income equality to justify raising taxes.
How does this work? You raise taxes on the top 5% and automatically the bottom 5% get a larger pay check?
From BRBR-LINK
How does this work? You raise taxes on the top 5% and automatically the bottom 5% get a larger pay check?
quote:
As the Legislature prepares to take on overhauling the state tax code in an attempt to fix recurring budget deficits, a new report identifying Louisiana as one of the worst states for income inequality illustrates the dire need for tax reform, the Louisiana Budget Project says.
quote:
“How incredibly timely this is for Louisiana,” says Jan Moller, director of the LBP, a left-leaning think tank that advocates for policies that aid low- and middle-income Louisianans. “Tax reform should not just be to fill the holes in the budget … but to do so in a way that reduces income inequality and helps with some of these very damaging trends.”
From BRBR-LINK
13
Posted on 12/15/16 at 2:06 pm to doubleb
There are many things that louisiana needs, and more taxes are at the top of the list.
The state's political leaders have a long, outstanding record of managing the people's money and putting it to good use.
I can't think of a better way to spur growth and commerce, attract business, and discourage talented people from leaving the state than raising taxes.
The state's political leaders have a long, outstanding record of managing the people's money and putting it to good use.
I can't think of a better way to spur growth and commerce, attract business, and discourage talented people from leaving the state than raising taxes.
Posted on 12/15/16 at 2:08 pm to LuckyTiger
** Sarcasm alert! **
Posted on 12/15/16 at 2:21 pm to LuckyTiger
quote:
I can't think of a better way to spur growth and commerce, attract business, and discourage talented people from leaving the state than raising taxes.
And I don't know why they aren't thinking about taxing the poor more. Every penny helps.
Posted on 12/15/16 at 2:25 pm to doubleb
Well, it certainly worked well for Venezuela.
Posted on 12/15/16 at 2:31 pm to Zach
quote:
Well, it certainly worked well for Venezuela.
Yes, now 99.99999999% of the people make the same and the top 1 has it all.
Posted on 12/15/16 at 2:33 pm to doubleb
quote:Every time I hear a politician say "tax reform" I automatically reach to protect my wallet.....
Edwards is pushing tax "reform" to balance his budget
Posted on 12/15/16 at 2:33 pm to doubleb
Taxes have (or should have) one purpose, and one purpose only - to raise necessary revenue for the operation of the taxing entity (local, state, national government).
That's it.
It is NOT the function of tax policy to "address" or "remedy" income equality.
That's it.
It is NOT the function of tax policy to "address" or "remedy" income equality.
Posted on 12/15/16 at 2:40 pm to doubleb
quote:
How does this work? You raise taxes on the top 5% and automatically the bottom 5% get a larger pay check?
Let's assume that Louisiana needs to raise taxes. Which we do. Our budget is fricked. Something needs to be done. You can only cut education so much. If you raise taxes on the wealthier it then less of the burden falls on the poorer. If less of the burden is falling on the poorer then yes, less money is taken from the poorer and yes, they end up with more money than they would have otherwise.
But mostly it is a selling point and slogan type deal. This is what politicians do.
Posted on 12/15/16 at 2:42 pm to Peazey
quote:So the largest tax increase in the history of Louisiana that was passed last year wasn't enough? Okay, thanks.
Let's assume that Louisiana needs to raise taxes. Which we do.
Posted on 12/15/16 at 2:46 pm to Peazey
quote:
Let's assume that Louisiana needs to raise taxes. Which we do. Our budget is fricked. Something needs to be done. You can only cut education so much. If you raise taxes on the wealthier it then less of the burden falls on the poorer. I
It's this piss on the mens room floor depth of analysis that is always a winner.
Jesus christ you're a fricking idiot. When you do this to the wealthy they:
A. Pay it
B. Move
(Hint: they have the MEANS to move)
Just look at NJ and other states that have seen this EXACT SAME THING HAPPEN.
BUT THIS TIME! INCOME EQUALITY!
Posted on 12/15/16 at 2:47 pm to Peazey
quote:
If you raise taxes on the wealthier it then less of the burden falls on the poorer. If less of the burden is falling on the poorer then yes, less money is taken from the poorer and yes, they end up with more money than they would have otherwise.
I'm not really sure how the bottom 5% are better off in the scenario you described. Seems like they are just in the same place they were. This doesn't really solve the government incompetence.
Posted on 12/15/16 at 2:57 pm to doubleb
I wish they would just be honest about it and call it a tax increase and not reform.
Posted on 12/15/16 at 3:08 pm to doubleb
So Poliboard experts, how do we fix the budget issues? You all seem to like to criticize but don't seem to offer options.
Posted on 12/15/16 at 3:31 pm to TheHumanTornado
quote:
So Poliboard experts, how do we fix the budget issues? You all seem to like to criticize but don't seem to offer options.
Solution to what? Inequality?
Or that the budget doesn't have "enough" money?
This discussion of solutions needs a definition of a problem first. That said, the basic answer is cuts. Go ahead and renew that taxes that passed last session, reshape or tweak them as long as it is done in a roughly neutral way and then cut.
The only exception I will make is for transportation. I am OK with increasing the gas tax for roads. That is an important economic development issue.
Posted on 12/15/16 at 3:32 pm to doubleb
I am all for tax reform but I bet the end I seek in tax reform is far from what JBE wants.
Here is the IB Louisiana tax reform plan:
Year 1
1) eliminate the homestead exemption, the 10 year tax industrial tax exemption, the inventory tax rebate and require a minimum assessment on all agricultural and forestry land. Hold the local property tax collections constant for one year so that the millages can adjust and require fix millages to adjust. The biggest impact on the state budget would be the reduction in the inventory tax rebate and it is very large. The impact locally would be that billions of dollars of property would come on the tax rolls statewide and millages would decline dramatically. Whether or not a tax payer would see a larger or a smaller property tax would depend on how much property as a percent of their total property is now exempt and how much taxable property would come on the rolls of the taxing entity where they live.
2) immediately end all refundable tax credits in the state and reduce corporate income tax rates to 0. This would stop the bleed from state revenues of things like film industry welfare and live music welfare. It's net impact would probably increase tax revenue since state corporate tax collections have been almost nothing the last couple of years. There are simply too many loopholes and credits out there. Best to just end the corporate tax altogether.
3) refund one cent of the state sales tax to the local taxing authorities to pay teachers (may take two cents) and end the state funds used to pay teachers and finance teacher retirements. This would take an immense amount of power away from the legislature and put it in the hands of local governments.
4) impose tolls on I-10 and I-20 and dedicate those tolls to roads and highways only.
5) roll back personal income tax to 4% and end bracketing and special treatment of government employee pensions. Give all citizens 65 and older a $35000 income tax exclusion.
Here is the IB Louisiana tax reform plan:
Year 1
1) eliminate the homestead exemption, the 10 year tax industrial tax exemption, the inventory tax rebate and require a minimum assessment on all agricultural and forestry land. Hold the local property tax collections constant for one year so that the millages can adjust and require fix millages to adjust. The biggest impact on the state budget would be the reduction in the inventory tax rebate and it is very large. The impact locally would be that billions of dollars of property would come on the tax rolls statewide and millages would decline dramatically. Whether or not a tax payer would see a larger or a smaller property tax would depend on how much property as a percent of their total property is now exempt and how much taxable property would come on the rolls of the taxing entity where they live.
2) immediately end all refundable tax credits in the state and reduce corporate income tax rates to 0. This would stop the bleed from state revenues of things like film industry welfare and live music welfare. It's net impact would probably increase tax revenue since state corporate tax collections have been almost nothing the last couple of years. There are simply too many loopholes and credits out there. Best to just end the corporate tax altogether.
3) refund one cent of the state sales tax to the local taxing authorities to pay teachers (may take two cents) and end the state funds used to pay teachers and finance teacher retirements. This would take an immense amount of power away from the legislature and put it in the hands of local governments.
4) impose tolls on I-10 and I-20 and dedicate those tolls to roads and highways only.
5) roll back personal income tax to 4% and end bracketing and special treatment of government employee pensions. Give all citizens 65 and older a $35000 income tax exclusion.
This post was edited on 12/15/16 at 3:36 pm
Posted on 12/15/16 at 3:33 pm to doubleb
But Vitter had an affair.
Posted on 12/15/16 at 3:34 pm to doubleb
Duty, Honor, Marxism
Posted on 12/15/16 at 3:36 pm to Peazey
quote:
If you raise taxes on the wealthier it then less of the burden falls on the poorer.
Where you drawing this line? The poor are net receivers of government money. So, what you're saying is that you want to redistribute wealth as it's own end - not a means to any Constitutionally prescribed end, right?
In other words, Marxism, right?
Posted on 12/15/16 at 3:45 pm to I B Freeman
quote:You lost me.
eliminate the homestead exemption
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