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Started By
Message
re: Gov. John Bel Edwards wants big changes in how LA biz, individuals taxed
Posted on 3/17/17 at 9:13 am to chryso
Posted on 3/17/17 at 9:13 am to chryso
quote:
Let's say that you are paying $100 in taxes every year.
$35 is income tax, $50 dollars is sales tax, and $15 is property tax.
It sounds like the poster I replied to wants to change it so $0 is income tax, $60 is sales tax and $40 is property tax.
You're missing the point. JBE is proposing to add new taxes (and trying to justify it because Texas taxes those things). But he's not proposing removing any existing LA taxes.
So right now I'm paying $100 in taxes ($35 income tax, $50 sales tax, $15 property tax). But JBE is proposing that we add $20 in services tax, so now I'm paying $120 in tax because he's not proposing to reduce/remove any of the currently existing taxes. You get it now?
2
Posted on 3/17/17 at 9:19 am to Tiger Prawn
quote:
So right now I'm paying $100 in taxes ($35 income tax, $50 sales tax, $15 property tax). But JBE is proposing that we add $20 in services tax, so now I'm paying $120 in tax because he's not proposing to reduce/remove any of the currently existing taxes. You get it now?
JBE is proposing that we replace the current corporate income tax with the gross receipts tax. Basically, you reduce the tax rate and apply it to sales rather than net income.
It's the first sentence in the article:
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.
This post was edited on 3/17/17 at 9:22 am
Posted on 3/17/17 at 10:18 am to Tiger Prawn
quote:
You're missing the point. JBE is proposing to add new taxes (and trying to justify it because Texas taxes those things). But he's not proposing removing any existing LA taxes.
So right now I'm paying $100 in taxes ($35 income tax, $50 sales tax, $15 property tax). But JBE is proposing that we add $20 in services tax, so now I'm paying $120 in tax because he's not proposing to reduce/remove any of the currently existing taxes. You get it now?
Did you read the article? He is proposing to replace the Corporate income tax with a a GRT. It is literally in the opening paragraph. This would create a more stable and broader tax base.
This is one of the most conservative proposals he can make. Lower rates on a broader base. It closes the door on many loopholes, and is the closest thing to a flat tax you can imagine.
Just doing quick math, this would be pretty neutral for my business.
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