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Started By
Message
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Posted on 11/23/24 at 12:24 pm to White Bear
quote:
It ALWAYS ends in disaster ie more money from my pocket and no positive change.
You’re literally saving money if you’re gainfully employed.
Posted on 11/23/24 at 12:47 pm to TaderSalad
We spend too much in the wrong places.
All the rich, conservative types don’t want socialism until it comes down to their personal, corrupt bullshite.
All the poor hangers on are too sorry and lazy to contribute.
Us middle class frickers suffer.
All the rich, conservative types don’t want socialism until it comes down to their personal, corrupt bullshite.
All the poor hangers on are too sorry and lazy to contribute.
Us middle class frickers suffer.
Posted on 11/23/24 at 1:10 pm to Judg7123
quote:
Louisiana does not tax public pension income:
quote:
does tax private pension income and 401k/IRA withdrawal
Seems a little...screwy and unfair
Posted on 11/23/24 at 1:12 pm to White Bear
quote:
They need to cut spending and stop with the tax shuffle shell game.
I see youve bought into the lie
There is no such thing as cutting spending. Do you think the cuts Reagan made in 1980 should still be the budget today? We've added 100M people since then. That alone requires an increase in spending every single budget year. Even if you dont do anything new
The only way forward is sales taxes, or VAT. If you consume, you pay to fund the govt. The people on the poorer end suck up way more govt services, yet pay very little toward the budget.
Sales taxes allows them to pay back. Because income taxes (which they always get exempted from) falls on one group only, the producers
Posted on 11/23/24 at 1:26 pm to Tigerpaw123
The state's going to get their money somehow.
If the governor's plan to abolish the income tax goes through, we can expect having to get a (costly) permit on just about everything.
We can watch our property taxes rise even more.
If the governor's plan to abolish the income tax goes through, we can expect having to get a (costly) permit on just about everything.
We can watch our property taxes rise even more.
Posted on 11/23/24 at 1:27 pm to DiamondDog
“Seems a little...screwy and unfair“
Don’t disagree, but theory is that they don’t tax social security and that public pensions are the equivalent of SS (maybe at one time, but they are usually higher now)
under the plan adopted yesterday you can have $75k per couple of private retirement income over 65 with no tax (plus social security with no tax)…so that is an improvement on status quo (which currently taxes it over $21k)
Don’t disagree, but theory is that they don’t tax social security and that public pensions are the equivalent of SS (maybe at one time, but they are usually higher now)
under the plan adopted yesterday you can have $75k per couple of private retirement income over 65 with no tax (plus social security with no tax)…so that is an improvement on status quo (which currently taxes it over $21k)
This post was edited on 11/23/24 at 1:28 pm
Posted on 11/23/24 at 1:32 pm to RobbBobb
quote:and this will continue. If this (newest tax shuffle) works out I will gladly eat crow. Fool me once… etc.
falls on one group only, the producers
This post was edited on 11/23/24 at 1:33 pm
Posted on 11/23/24 at 1:42 pm to High C
quote:
sales tax is the only “fair” tax, and I hate taxes
Posted on 11/23/24 at 5:18 pm to Tigerpaw123
quote:
a constitutional amendment to make a stipend for teachers and support staff permanent,
These slimy motherfrickers just dunked on all of us. “Conservative”. Yeah guaranteed pass on their tax reform by giving these busted arse schools and dog shite teachers union some more money. I only made it one page but I can’t believe no one caught it already.
Posted on 11/23/24 at 5:53 pm to Tigers0891
Tigers0891:
This is actually one of the smartest things in the plan.
The constitution locks up $2 billion in an Education Trust Fund, but it can only invest in treasury bonds and CDs so it earns an average of 3.3% ($66 million per year)
The public would never vote to let u do anything else with it—cries of stealing from the kids etc.
The teacher retirement system has billions in unfunded liabilities from back in EWE days. During Roemer a constitutional amendment was passed requiring the state to pay on that debt with an 8.25% interest rate — under the correct theory that that’s what they would make in the stock market on the retirement system investments.
So we are paying $100+ million in extra interest on this debt than they money in the bank is earning. Basically having high interest credit card debt so you can keep money in your checking account.
If you pay it off, then the retirement system can invest it for market returns instead of just T Bills… and the state and school boards save the money they would’ve otherwise had to spend paying that interest
It is the Dave Ramsey Plan for a teacher raise— the public would never let you get to the trust fund money otherwise.
Take $2 billion from a fund earning 3.3% and pay off teacher pension debt running at 8.25%
.
That allows the local savings saved on the pension costs to go to required teacher pay raise (replacing the state one-time stipend of $2,000 per year and stopping a brewing fight on how to keep paying for that). They know how awful school boards are…so the const amendment closing out the funds requires them to take every $ saved to fund the salary thing.
The savings to the state on university employee pension contributions runs more than what that fund was earning—so that solves budget impact of the lost fund interest.
This is actually one of the smartest things in the plan.
The constitution locks up $2 billion in an Education Trust Fund, but it can only invest in treasury bonds and CDs so it earns an average of 3.3% ($66 million per year)
The public would never vote to let u do anything else with it—cries of stealing from the kids etc.
The teacher retirement system has billions in unfunded liabilities from back in EWE days. During Roemer a constitutional amendment was passed requiring the state to pay on that debt with an 8.25% interest rate — under the correct theory that that’s what they would make in the stock market on the retirement system investments.
So we are paying $100+ million in extra interest on this debt than they money in the bank is earning. Basically having high interest credit card debt so you can keep money in your checking account.
If you pay it off, then the retirement system can invest it for market returns instead of just T Bills… and the state and school boards save the money they would’ve otherwise had to spend paying that interest
It is the Dave Ramsey Plan for a teacher raise— the public would never let you get to the trust fund money otherwise.
Take $2 billion from a fund earning 3.3% and pay off teacher pension debt running at 8.25%
.
That allows the local savings saved on the pension costs to go to required teacher pay raise (replacing the state one-time stipend of $2,000 per year and stopping a brewing fight on how to keep paying for that). They know how awful school boards are…so the const amendment closing out the funds requires them to take every $ saved to fund the salary thing.
The savings to the state on university employee pension contributions runs more than what that fund was earning—so that solves budget impact of the lost fund interest.
This post was edited on 11/23/24 at 6:01 pm
Posted on 11/23/24 at 7:47 pm to Judg7123
quote:
Not as transformative as what was originally proposed—but definitely conservative reform and progress
Almost, but I wouldn't call a revenue neutral tax shift "conservative". A conservative plan would have actually cut taxes, not just shell gamed it into a sales tax increase.
quote:
Corporate closed some loopholes and lowered its rate from 7.5 to 5.5.
It is my understanding that they closed the loopholes by getting rid of the corporate inventory tax. No tax, no tax loopholes.
I did like the bill about taking cash from the revenue stabilization fund/rainy day fund and paying off debt. It's much better use of surplus funds than bullshite pet projects.
This post was edited on 11/23/24 at 7:48 pm
Posted on 11/23/24 at 7:50 pm to KamaCausey_LSU
Question: Did they keep the state sales tax exemption for fresh groceries?
Posted on 11/23/24 at 8:08 pm to KamaCausey_LSU
Does Louisiana collect tax on Chip purchases?
Posted on 11/23/24 at 8:23 pm to Tigerpaw123
So they raised the sales tax from 4.45% to 5%? Did i get that right?
Posted on 11/23/24 at 8:32 pm to KamaCausey_LSU
KamaCausey:
Scored as a $500m per year tax reduction.
The proposal was built on the idea that they would expand the base and use the state portion as part of the plan and the local portion to get rid of inventory.
When the legislature was not able to expand the base, they just put the 0.55 on to solve the state part.
But then with no local $, it made it where inventory just became local option. Because of that they kept the inventory credit for a couple years to see how that plays out— And then kind of phase it out after that where they can still claim any that they’ve built up.
They closed a lot of midsize loopholes and credits that are 10 - $25 million each to get the corporate down.
The biggest corporate loophole that they closed was foreign trade zone, which is where basically 20 large companies in the Petro chemical sector did not pay any taxes on their activities where their plants are. The governor’s argument against keeping that was that we were the only place in the country that did it… by ending it they were able to introduce bonus depreciation which was one of the planks of the North Carolina reform that was so successful— Basically, instead of you just don’t pay taxes forever because of where you are geographically located instead it will be: you don’t pay taxes until you recover your investment if you choose to invest in the state. Plus, it’s a level field for everybody and not just those 20 companies— much smarter because it aligns the incentive to investment and is in line with stuff that has worked in other states.
The state sales tax exemption for food, prescription drugs, and utilities is in the constitution and that was kept.
Scored as a $500m per year tax reduction.
The proposal was built on the idea that they would expand the base and use the state portion as part of the plan and the local portion to get rid of inventory.
When the legislature was not able to expand the base, they just put the 0.55 on to solve the state part.
But then with no local $, it made it where inventory just became local option. Because of that they kept the inventory credit for a couple years to see how that plays out— And then kind of phase it out after that where they can still claim any that they’ve built up.
They closed a lot of midsize loopholes and credits that are 10 - $25 million each to get the corporate down.
The biggest corporate loophole that they closed was foreign trade zone, which is where basically 20 large companies in the Petro chemical sector did not pay any taxes on their activities where their plants are. The governor’s argument against keeping that was that we were the only place in the country that did it… by ending it they were able to introduce bonus depreciation which was one of the planks of the North Carolina reform that was so successful— Basically, instead of you just don’t pay taxes forever because of where you are geographically located instead it will be: you don’t pay taxes until you recover your investment if you choose to invest in the state. Plus, it’s a level field for everybody and not just those 20 companies— much smarter because it aligns the incentive to investment and is in line with stuff that has worked in other states.
The state sales tax exemption for food, prescription drugs, and utilities is in the constitution and that was kept.
This post was edited on 11/23/24 at 8:35 pm
Posted on 11/24/24 at 5:46 pm to Judg7123
quote:
we are paying $100+ million in extra interest on this debt than they money in the bank is earning. Basically having high interest credit card debt so you can keep money in your checking account.
Interesting, didn't know this.
Posted on 12/14/24 at 9:20 pm to Limitlesstigers
so if you raise taxes that they cant afford gonna vote for the people that raised their taxes, thats idiotic
Posted on 12/14/24 at 10:30 pm to coffeesmeller
Overall this plan is an improvement from what we have currently and sets the stage to eliminate the income tax in the future
Posted on 12/15/24 at 12:19 am to Optimism
How much money does Louisiana collect each year for occupancy tax? Maybe they could use some of that instead of it all going to each parish's convention and visitors bureau. Would that even make a bit of difference?
Much rather out of state visitors foot the bill if possible
Much rather out of state visitors foot the bill if possible
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