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Gov. John Bel Edwards wants big changes in how LA biz, individuals taxed
Posted on 3/17/17 at 8:01 am
Posted on 3/17/17 at 8:01 am
LINK
quote:
Gov. John Bel Edwards wants to dramatically revamp Louisiana’s tax system when the Legislature meets next month by replacing the current corporate tax on income with a corporate tax on sales, according to administration officials.
Many economists applaud the proposal, saying it would level the playing field by eliminating most corporate tax breaks and exemptions that cause businesses to pay different tax rates. Some companies take advantage of so many tax loopholes that state government winds up sending them a check.
“It’s a much more fair approach,” state Sen. Rick Ward, R-Port Allen, who has studied the proposal, said in an interview. “It’s extremely simple. Your corporate tax return could be done on a simple sheet of paper.”
quote:
In another major change, Edwards will propose extending the sales tax to a number of activities and services that go untaxed today in return for eliminating a temporary one-cent increase in the state sales tax that lawmakers approved last year.
With that increase, Louisiana has had the highest state and local combined sales tax rate in the nation, at 10 percent. Many of the services that the governor wants to make subject to sales taxes — including cable TV and internet service — are already taxed in neighboring Texas.
“We’re trying to achieve a structurally sound tax system that allows us to have the necessary revenue to fund government services,” Revenue Secretary Kim Robinson said in an interview. “We are broadening our tax base and lowering the rates.”
quote:
Edwards will not propose ending or reducing two popular tax deductions — as the task force recommended — that individuals take on their income taxes.
One provision allows taxpayers to deduct, on their state returns, the amount of taxes they pay on their federal tax returns. The other allows taxpayers to deduct, on their state income taxes, the itemized deductions they take on their federal tax returns that are in excess of the federal standard deduction. Both tax breaks favor middle- and upper-income taxpayers.
Posted on 3/17/17 at 8:02 am to tke857
frick John Bel Edwards
This post was edited on 3/17/17 at 8:13 am
Posted on 3/17/17 at 8:03 am to Breesus
We seriously need to have a recall on him.
Posted on 3/17/17 at 8:04 am to Breesus
Democrat looking for another way to steal from us, surprise, surprise...
Posted on 3/17/17 at 8:05 am to tke857
Long article. Let me boil it down for you. They want MORE of our money so they can spend it on things they want. They can use buzzwords like "fair" and "equitable" all they want but it comes down to them wanting MORE.
Posted on 3/17/17 at 8:06 am to tke857
quote:
We’re trying to achieve a structurally sound tax system that allows us to have the necessary revenue to fund government services,” Revenue Secretary Kim Robinson said in an interview
Unlike a normal person who would find a way to build a structurally sound budget allowing them to provide within their means.
Posted on 3/17/17 at 8:06 am to tke857
quote:
Many of the services that the governor wants to make subject to sales taxes — including cable TV and internet service — are already taxed in neighboring Texas.
Ok cool. So you're going to end state income tax completely? Because Texas doesn't have that and is one of the reasons why they're taxed on TV/internet. Oh wait...you just want to tax us EVERY frickING WAY POSSIBLE.
frick this guy.
Posted on 3/17/17 at 8:08 am to tke857
quote:
Many of the services that the governor wants to make subject to sales taxes — including cable TV and internet service — are already taxed in neighboring Texas.
Nice spin zone We don't have state income tax, which is why these are taxed. Also why we have higher property taxes.
Posted on 3/17/17 at 8:08 am to JJ27
Good thing everyone followed their moral compass and voted this shite show in. We really are an arse backwards state.
Posted on 3/17/17 at 8:08 am to tke857
quote:That should kill any hope of developing a hi-tech start up industry in Louisiana.
replacing the current corporate tax on income with a corporate tax on sales
Those types of companies don't make a profit for years so taxing their sales will discourage them from establishing their business here.
Posted on 3/17/17 at 8:09 am to tke857
quote:
“We’re trying to achieve a structurally sound tax system that allows us to have the necessary revenue to fund government services,”
Oh joy, sending more of my money to help fund the most inept and corrupt gov't in the country.
Posted on 3/17/17 at 8:10 am to LSURussian
quote:
Those types of companies don't make a profit for years so taxing their sales will discourage them from establishing their business here.
yeah especially if they are ridding away or gutting most of the tax incentives for technology such as digital media tax credit.
I am not huge on tax credits here but there are a few that actually do what they are supposed to. Which is bolster a new sustainable and innovative industry in the state i.e. tech companies.
Posted on 3/17/17 at 8:11 am to tke857
quote:
the necessary revenue to fund government services
He should have said...
quote:
the revenue to fund necessary government services
Posted on 3/17/17 at 8:12 am to tke857
quote:
“We’re trying to achieve a structurally sound tax system that allows us to have the necessary revenue to fund government services
First, how about you figure out how to make it work with what you have.
Posted on 3/17/17 at 8:13 am to tke857
Im all down for our state government to get more involved in taxes. What could possibly go wrong?
Posted on 3/17/17 at 8:14 am to lsu711
Seriously, frick each and every one of those "republicans" for Edwards bastards.
Posted on 3/17/17 at 8:14 am to fr33manator
You do realize the governor can't pass taxes? If this passes it means the Republican controlled state legislature passed the tax. The governor can only veto what THEY pass.
Posted on 3/17/17 at 8:15 am to TH03
Yeah exactly. Or how about increasing royalties from O&G companies that ship out from LA?
Posted on 3/17/17 at 8:16 am to tke857
quote:
by replacing the current corporate tax on income with a corporate tax on sales, according to administration officials.
I could get on board with that.
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