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Jeff Landry transition committee calls for phasing out corporate and personal income taxes
Posted on 1/27/24 at 9:02 am
Posted on 1/27/24 at 9:02 am
LINK
quote:
Gov. Jeff Landry and state legislators ought to begin phasing out corporate and personal income taxes.
That’s the recommendation of the governor’s transition committee on economic development and fiscal policy, which was made public on Friday.
quote:
Yet another recommendation is aligned with a Landry campaign promise, that he would retain the change instituted in the Industrial Tax Exemption Program by then-Gov. John Bel Edwards that reduced the tax break from 100% to 80% of property taxes owed.
quote:
The committee also favored Edwards’ move to give local governments a say in whether to grant the tax breaks but called for “streamlining the local approval process.”
Ditching the income tax has been a conservative rallying cry for years, although the candidate who pushed it hard in last year’s governor’s race, then-state Rep. Richard Nelson, R-Mandeville, dropped out because he was attracting so little support. Nelson is now the Landry administration’s Revenue secretary.
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Posted on 1/27/24 at 9:06 am to WPBTiger
Trickle down has always worked for those not super rich.
Posted on 1/27/24 at 9:07 am to WPBTiger
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.
Posted on 1/27/24 at 9:19 am to WPBTiger
Hopefully the Landry Administration does this hand in hand with budget reform that involves de-centralization of revenue and power in Baton Rouge, rather than just the shell game the Jindal Administration tried for national attention.
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.
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.
This post was edited on 1/27/24 at 9:26 am
Posted on 1/27/24 at 9:42 am to WPBTiger
quote:
governor’s transition committee
I thought we got rid of this when we voted out the democrats
Posted on 1/27/24 at 9:43 am to WPBTiger
One of the many reasons I live in FL is we have no state income tax - and no sales tax on groceries and prescription drugs - our real estate taxes are reasonable - and we have better roads than LA and the public school system is at least as good and maybe better - so it can be done - the only requirement is a semi-responsible state government - and that is on you the citizens to elect.
Posted on 1/27/24 at 9:58 am to WPBTiger
quote:
Jeff Landry transition committee calls for phasing out corporate and personal income taxes
quote:
Jeff Landry transition committee calls for phasing out corporate and personal income taxes
On face value, I love this. However, the devil is always in the details. Also, as a general rule, I do not trust politicians. No matter the letter next to their name.
Posted on 1/27/24 at 10:14 am to WPBTiger
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.
Posted on 1/27/24 at 10:29 am to WPBTiger
quote:Until shrinking the size of government is part of the solution the form of tax will not matter.
The committee provides no plan for how to offset the huge hit to the state treasury by eliminating the income tax and the corporate franchise tax, another recommendation.
Posted on 1/27/24 at 10:32 am to WPBTiger
quote:
Landry and state legislators ought to begin phasing out corporate
I'm all for getting rid of personal income taxes. But why would we need to get rid of corporate income tax? that's shady and makes Landry look like a puppet to the corporate swamp.
What's the idea behind getting rid of corporate income tax? more companies will come =more jobs? just trying to understand this angle
Posted on 1/27/24 at 10:38 am to WPBTiger
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.
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.
Posted on 1/27/24 at 10:45 am to WPBTiger
If Landry did this very one thing. Just this one. He would be a GOAT LA Gov
Posted on 1/27/24 at 11:10 am to WPBTiger
YES!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Posted on 1/27/24 at 2:57 pm to WPBTiger
Any studies out there comparing who ends up paying the taxes in a state with income tax vs property taxes/sales tax?
I've always been interested in that. Face value it does seem like it was transfer to the upper middle and above
I've always been interested in that. Face value it does seem like it was transfer to the upper middle and above
Posted on 1/30/24 at 9:20 am to WPBTiger
So what will take their place?
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 10:37 am to WPBTiger
Are they phasing out franchise and inventory taxes too? If they're doing this for economic development, it's kind of pointless if these aren't eliminated as well.
Can anyone send me a link? Can't really find much information about the governor's plan on these?
Can anyone send me a link? Can't really find much information about the governor's plan on these?
Posted on 1/30/24 at 10:59 am to WPBTiger
At least with fees, a lot of the money associated with them have to be spent on what the fee is for. The city in Texas I used to live in had a stormwater utility fee that had to be used to clean/dredge ditches or build detention/retention ponds. We never flooded despite having multiple " 500 year storms" during the time we lived there.
Posted on 1/30/24 at 11:20 am to WPBTiger
I totally support this. Income taxation is theft.
That said; realizing that the government needs money and would have to find other ways to tax we’d probably have to increase the sales and property taxes. I support that.
Here’s how it can work. Eliminating income taxation both personal and corporate, will invite capital to our state. That capital brings jobs with some high paying. Those people consume.
Bottom line- anything that invites capital to the state is a good thing.
Restructure the code to be more consumption based and we’ll see growth in our overall gdp.
That said; realizing that the government needs money and would have to find other ways to tax we’d probably have to increase the sales and property taxes. I support that.
Here’s how it can work. Eliminating income taxation both personal and corporate, will invite capital to our state. That capital brings jobs with some high paying. Those people consume.
Bottom line- anything that invites capital to the state is a good thing.
Restructure the code to be more consumption based and we’ll see growth in our overall gdp.
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