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re: Jeff Landry transition committee calls for phasing out corporate and personal income taxes
Posted on 1/27/24 at 7:27 pm to bhtigerfan
Posted on 1/27/24 at 7:27 pm to bhtigerfan
quote:
Tell us about your property taxes.
I’d love to do a comparison of a family with same number of kids, same income and same home values in TX and LA and see who pays more taxes to the state.
13k this year.
Posted on 1/27/24 at 7:54 pm to TDsngumbo
quote:
The LAST thing I want is for Louisiana politicians to start looking at other areas I can be taxed in order to compensate for losing state income tax revenue. frick this plan. If they eliminate the state income tax, 70% of us WILL eventually pay more than we’re paying now.
Tennessee does not have a state income tax. When I lived there the property taxes there and here were very similar. Their schools were nicer and they do better in education that we do here. I don’t see the problem.
Posted on 1/27/24 at 8:30 pm to 31TIGERS
It seems like there is a large portion of this board that is seriously deranged. The guy said that eliminating the income tax is probably going to lead to getting taxed heavier in other forms, and we will just end up paying more in taxes after reform. He isn’t saying he hopes the government taxes us more.
The state is already broke from misusing our tax dollars and corruption. They aren’t going to all of the sudden decide to spend responsibly and let us keep more of our own money. They are going to screw us some way
The state is already broke from misusing our tax dollars and corruption. They aren’t going to all of the sudden decide to spend responsibly and let us keep more of our own money. They are going to screw us some way
Posted on 1/28/24 at 8:47 am to DaveyJones12
quote:
Look at Texas, then imagine the % of property that is effectively worthless triples, making the burden even higher on land owners with desirable property. New property taxes mean you’re paying the government tens of thousands a year for something that you might already own in full. There is no getting out of it without selling the land.
TX has higher property taxes, but they appropriately allocate those taxes toward things like roads and public schools. Louisiana doesn’t do that because their governors have always been corrupt as frick.
This post was edited on 1/28/24 at 10:50 am
Posted on 1/29/24 at 10:18 am to JohnnyKilroy
Texas’ state sales tax is almost 50% higher than Louisiana’s (I know much of that difference is made up in local sales tax)
Texas also has a much higher corporate tax rate, interestingly
The point is, eliminating income tax sounds great on paper, but the lost revenue is going to get made up somewhere else. It has to.
Texas also has a much higher corporate tax rate, interestingly
The point is, eliminating income tax sounds great on paper, but the lost revenue is going to get made up somewhere else. It has to.
Posted on 1/30/24 at 7:38 am to Bard
quote:
This. We already have a fairly dysfunctional DOTD (anyone remember how many contractors they went through just to widen I-10 years ago?)
while DOTD is very dysfunctional, they have gotten better.
Within DOTD, like any other large municipal entity, when a person ascends to a position to actually make decisions, they are afraid to change anything. No rocking the boat, I will retire in X years. This leads to almost zero improvements.
having said that, the last few major projects DOTD let as "Design/Build" projects. This allows them to weed out some of the trashy contractors that like to change order the sh!t out of them.
Fewer and larger projects, along with making them Design/Build projects is definitely an improvement for DOTD.
Posted on 1/30/24 at 7:43 am to TDsngumbo
quote:
The LAST thing I want is for Louisiana politicians to start looking at other areas I can be taxed in order to compensate for losing state income tax revenue. frick this plan. If they eliminate the state income tax, 70% of us WILL eventually pay more than we’re paying now.
If this ever passes, we'll just have big arse property taxes like Texas, which I almost consider worse than income taxes. They'll continuously raise the estimated value of your home to bring in more money. Income/sales taxes are generally harder to increase. I'd be in favor of having only a sales tax but that's probably not what they are proposing.
Posted on 1/30/24 at 7:45 am to Lickitty Split
quote:
If the result is ultimately removing the income tax and the homestead exemption then I’m for it so long as my property taxes do not increase on a per mill basis.
You shouldn’t even consider this result remotely possible.
Posted on 1/30/24 at 9:07 am to Indefatigable
Gotta love this board. Everyone agrees Louisiana is at a sever disadvantage to the rest of the South due to our tax structure, but don't want to move to the same structure as the rest of the South?
Posted on 1/30/24 at 9:11 am to boosiebadazz
quote:
Sure. What road did you use to get to your office? Who educated you and your co-employees?
Which State is always tops in worst roads and education?
Posted on 1/30/24 at 9:18 am to saints5021
quote:
Gotta love this board. Everyone agrees Louisiana is at a sever disadvantage to the rest of the South due to our tax structure, but don't want to move to the same structure as the rest of the South?
State is ranked 50th in damn near every category that matters but we can’t possibly attempt to emulate what other, much better run and more attractive states do.
State is dead fricking last but if you listen to its residents it can only get worse if change is made. Comical. Sad.
This post was edited on 1/30/24 at 9:19 am
Posted on 1/30/24 at 9:20 am to WPBTiger
So what will take their place?
Posted on 1/30/24 at 9:46 am to ragincajun03
quote:
Eliminate state income taxes, then also shift funding of public schools, parish roads, police departments, etc more onto the local governments. Instead of a model where three to six percent of someone's income is sent to Baton Rouge in the form of a state income tax, keep tax dollars local with local property taxes to fund those municipal and parish needs.
This keep taxes and funding responsibilities more local would mean that Louisiana would have to stop having the highest property tax exemption in the country. Prepare for there to be blood-gurgling screams if/when that gets proposed.
People will complain about local governments being more corrupt than the state.
In some places, that will be true. There is no doubt that some local goverments will do a much better job with more authority than others will. That's ok. At least it gives some local places a chance at success, whereas under the current model, no place has a chance of success.
Posted on 1/30/24 at 9:50 am to boudinman
quote:
Get ready for a constitutional convention that tries to lower or do away with the homestead exemption. So all those homeowners that are struggling to find home insurance can pay more in local/state property taxes.
The cost of my homestead exemption going away is a small percentage of the amount of income tax I pay to Baton Rouge each year.
Even if they got rid of my homestead exemption PLUS raised property tax rates, even if to the level of what I'm paying Baton Rouge in state income tax... I'd still support such a plan, because I have more faith in parish council / school board than I do in ANYONE in state government.
Posted on 1/30/24 at 9:50 am to WPBTiger
I am obviously 100% for this but it will never happen in LA.
Posted on 1/30/24 at 9:52 am to Bison
quote:
What's the idea behind getting rid of corporate income tax? more companies will come =more jobs? just trying to understand this angle
I don't know if we need to get rid of the corporate tax per se, but we need to simplify it.
The level of corporate taxaton isn't hurting us, but the insane complexity, and the need to lobby / satisfy for credits, certainly is hurting us.
It's probably politically easier to just throw the whole system away, then it is to simplify it.
Posted on 1/30/24 at 9:54 am to DaveyJones12
quote:
Eliminating income tax only advantages the middle class that has high-ish paying jobs but doesn’t own much land. Everyone else gets fricked
The middle class with high-ish paying jobs, is what is powering most successful state economies today.
Posted on 1/30/24 at 9:56 am to JohnnyKilroy
Makes retirement more difficult if property taxes are higher. You can lower your taxable income but not your property taxes. Also burns my arse to pay hundreds of thousands for land only to continue paying for the privilege to use said land. We all rent from the king and own nothing but our movable possessions.
Posted on 1/30/24 at 9:59 am to Lickitty Split
quote:
I need to understand how this will work before I can support the change. So if my income tax goes away, do all of the taxes get paid via property and sales taxes? I own more property than just my house so I pay full property tax on all of those properties.
If the result is ultimately removing the income tax and the homestead exemption then I’m for it so long as my property taxes do not increase on a per mill basis.
Use public schools for example.
State pays, per kid, so much per year, on a monthly basis. There is a formula that is used, based on a number of factors.
Let's say that gets reduced to zero.
Now, your local school district will have to make up that funding. They could do this via increased property taxation. They could also cut spending. Let's be realistic and assume they don't cut spending.
Step 1 would be rolling back the homestead exemption. See how much more property tax that raises. If that is not enough, they may need to raise the millage. But in most cases, a millage increase needs the vote of the people.
So you at least would get to vote on an increased millage.
Where as right now, you don't get to vote on an increased state income tax.
Posted on 1/30/24 at 10:02 am to DaveyJones12
quote:
You’re going to be so mad when property taxes end up costing your more than income tax ever did. Look at Texas, then imagine the % of property that is effectively worthless triples, making the burden even higher on land owners with desirable property
We pay FAR more in LA state income tax than I would on a comparable property value in Texas. I used to live in Texas
quote:
New property taxes mean you’re paying the government tens of thousands a year for something that you might already own in full. There is no getting out of it without selling the land
And with income taxes, as long as you have income, you pay taxes. Even if your net worth doesn't increase.
At least my land value is generally increasing.
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