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LA State budget $340M in the hole - Special Session Incoming
Posted on 1/13/17 at 12:13 pm
Posted on 1/13/17 at 12:13 pm
LINK
quote:
The Louisiana Legislature will likely be called to meet next month to make mid-year budget cuts needed to shore up the state's finances.
The panel that forecasts how much money the state has to spend on Friday recognized that tax collections for the current year are about $340 million off track. Calculating other figures, the state will need about $318 million in cuts.
Gov. John Bel Edwards had said anything beyond $300 million would exceed the amount he can cut from the budget on his own and trigger the need for a special session.
Edwards told The Advocate editorial board this week that he was making plans for sometime between Valentine's Day and Mardi Gras if a special session is needed.
This post was edited on 1/13/17 at 12:14 pm
10
Posted on 1/13/17 at 12:16 pm to tke857
We are bleeding jobs. Things are tough, but they won't cut the big tax breaks that obviously don't work as well as intended.
Posted on 1/13/17 at 12:25 pm to doubleb
nope just more cutting to health and education per the norm
Posted on 1/13/17 at 12:30 pm to tke857
It can happen easy with the right people involved. When I served in the Senate, Edwin Edwards came into the Senate side room and gathered about 8 of us to a private meeting. We were told we had to cut $300 million now, today. So we met and went over all spending to find $300 million. We did. Gave it to Edwards and it was all adopted. The liberal special interest groups were left out, we did our job, and passed no new taxes. We didn't give state money to city gov'ts, none to busses, none to Grants, none to inner city projects that city gov'ts are supposed to do, not state. It happened. This was right before Ronald Reagans tax cuts started and the economy started booming ,which produced more taxes as a result. A good economy creates more taxes to all gov'ts.
Posted on 1/13/17 at 12:30 pm to tke857
We need to start with the way we do the "financial review."
It's not that the budget is $300 million short, it's more that the incoming funds are short $300 million
It's not that the budget is $300 million short, it's more that the incoming funds are short $300 million
Posted on 1/13/17 at 12:38 pm to doubleb
quote:
We are bleeding jobs. Things are tough, but they won't cut the big tax breaks that obviously don't work as well as intended.
I don't even live in LA anymore but the last thing I would recommend is tax increases. All they have to do is cut a portion of the BS state contracts and they could right this ship.
This post was edited on 1/13/17 at 12:43 pm
Posted on 1/13/17 at 12:43 pm to TupeloTiger
We can only hope Bel Edwards has as much sense as our crooked governor...
Posted on 1/13/17 at 12:50 pm to TupeloTiger
Thank you
Posted on 1/13/17 at 12:53 pm to tke857
Here's an idea... STOP SPENDING MONEY WE DON'T HAVE, ASSHOLES!
We can't tax our way out of this no matter what JBE and others think.
We can't tax our way out of this no matter what JBE and others think.
Posted on 1/13/17 at 12:54 pm to pwejr88
quote:
It's not that the budget is $300 million short, it's more that the incoming funds are short $300 million
raising taxes hurt the States market, so fewer then expect returns because of said impact. so solution will be to double down and raise taxes even more....and next year we will have another deficit after new taxes kills for of the sates economy...
lather...rinse...repeat
Posted on 1/13/17 at 12:54 pm to tke857
quote:
Edwards told The Advocate editorial board this week that he was making plans for sometime between Valentine's Day and Mardi Gras if a special session is needed.
Gotta wait until he gets back from Italy.
Posted on 1/13/17 at 12:56 pm to doubleb
quote:
We are bleeding jobs. Things are tough, but they won't cut the big tax breaks that obviously don't work as well as intended.
Besides film credit, most big business tax breaks got cut (and even film got a cap).
So cutting tax breaks won't work unless you want to cut individual tax breaks.
The real issue at this point seems to be the economy. The oil price drop killed a lot of jobs both direct and support jobs. And if you go back to additional taxes businesses will be paying, I don't see us bouncing back jobs-wise anytime soon even if oil does rebound.
Posted on 1/13/17 at 1:11 pm to BigJim
...The current projection also includes a readjustment for oil prices up to $50/barrrel from $30. $340 mil was the best case scenario, the other economist projected $500 mil+.
Posted on 1/13/17 at 1:13 pm to BigJim
quote:
Besides film credit, most big business tax breaks got cut (and even film got a cap).
Aren't most of the generous tax breaks still in place? Did they tighten up on the need to prove the tax credits were bringing jobs?
LINK /
quote:
The real issue at this point seems to be the economy
Yes, and how does raising taxes help? There's evidence it is hurting us already.
I read an article about Edwards hinting at a possible Const. Convention. Have you heard anything about that? It's not a short term fix, but in the long term we have to start over, and blow this thing up.
This post was edited on 1/13/17 at 1:17 pm
Posted on 1/13/17 at 1:24 pm to BigJim
quote:Like removing the exemption which makes state pensions income tax free for retired state workers? I agree.
unless you want to cut individual tax breaks.
This post was edited on 1/13/17 at 1:29 pm
Posted on 1/13/17 at 1:24 pm to teke184
quote:How many more years of cuts do you expect us to take?
We can't tax our way out of this no matter what JBE and others think.
Posted on 1/13/17 at 1:27 pm to doubleb
They said they've already reached the cap for film credit payouts. Makes you wonder how many more are sitting in the queue waiting to be applied against future year budgets.
Posted on 1/13/17 at 1:27 pm to LSURussian
quote:
Like removing the exemption for state pensions being income tax free for retired state workers? I agree.
State pension programs are very good, and then they get a tax break!!!!
Others out here on private pensions like me do not.
It's wrong and another example of poor tax policy.
Posted on 1/13/17 at 1:30 pm to chalmetteowl
Considering that this is Louisiana? Start cutting the subsidies written into law for various special interests of legislators and we can make the government more efficient.
The legislature gets the state to try and pass some fricked up laws guaranteeing the rates the state pays for various things, such as a high minimum cost of some commodities bought by the state from private industry.
All that shite bulks up the state budget but doesn't necessarily create jobs with the state or keep businesses here.
The legislature gets the state to try and pass some fricked up laws guaranteeing the rates the state pays for various things, such as a high minimum cost of some commodities bought by the state from private industry.
All that shite bulks up the state budget but doesn't necessarily create jobs with the state or keep businesses here.
Posted on 1/13/17 at 1:30 pm to doubleb
quote:On this you and I are in agreement.
It's wrong and another example of poor tax policy.
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