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re: Mexican standoff in the La. legislature.

Posted on 6/22/18 at 11:35 am to
Posted by 90proofprofessional
Member since Mar 2004
24445 posts
Posted on 6/22/18 at 11:35 am to
quote:

With increased state income tax collections plus 1/3 cent sales tax, that covers around 2/3 of the billion dollars that the 1 cent tax was supposed to raise

not even half of the 1.4 billion falling off the books, and the 1/3 cent has failed so far

the turnaround in oil prices doesn't make up for much either
Posted by Tiger Prawn
Member since Dec 2016
22641 posts
Posted on 6/22/18 at 11:42 am to
quote:

the turnaround in oil prices doesn't make up for much either


Do you know about what the state's revenue from oil was last year? Serious question...I did a quick search on it before my last post and couldn't really find anything. I would assume a 40% increase in oil price would be a decent sized revenue increase for LA
Posted by doubleb
Baton Rouge
Member since Aug 2006
37515 posts
Posted on 6/22/18 at 11:47 am to
The fact is Edwards and the legislature needed to make major cuts in spending when he took over in 2015, but instead they tried to keep the status quo and add Medicaid Expansion. With the state in recession and folks leaving that is impossible without major tax increases that hurt the economy and push more folks out the door.

If we had begun to change out spending habits three years ago then a lot of this could have been avoided.
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