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Started By
Message
Louisiana’s top personal income tax rate now fifth lowest in nation
Posted on 2/15/22 at 10:50 am
Posted on 2/15/22 at 10:50 am
Voters approved the changes to the tax rate ceiling in November 2021. The change also allows the legislature to phase out income taxes should they be motivated to do so.
Starting this year; Louisiana is now the lowest in the south among the states that have actually have income taxes.
Louisiana makes questionable choices on their governor, but this decision to reduce the tax rate ceiling was a decent move.
Starting this year; Louisiana is now the lowest in the south among the states that have actually have income taxes.
quote:
LINK
Louisiana’s top marginal income tax rate for individuals now is the fifth lowest in the nation among states that charge income taxes, according to the Tax Foundation, following changes lawmakers and voters approved last year.
Louisiana ranked 25th prior to this year. While taxpayers have given up a lucrative tax break for paying their federal taxes in exchange for lower rates, the changes are meant to simplify the state’s tax system and make the state more attractive to potential businesses and residents.
quote:
As of the beginning of this year, North Dakota has the lowest rate of 2.9% while California has the highest at 13.3%, the Tax Foundation says. Louisiana has the lowest top rate in the South, though Texas, Tennessee and Florida are among the states that don’t charge income taxes.
Louisiana makes questionable choices on their governor, but this decision to reduce the tax rate ceiling was a decent move.
This post was edited on 2/15/22 at 11:14 am
25
Posted on 2/15/22 at 10:50 am to frequent flyer
Good. Less funding to be wasted
Posted on 2/15/22 at 10:51 am to frequent flyer
Knowing Louisiana, they’ll get the money right back through insurance skyrocketing and property taxes.
Posted on 2/15/22 at 10:51 am to jimbeam
They will get it from us in one form or another. It's just that LA uses the "all of the above" strategy.
Posted on 2/15/22 at 10:52 am to frequent flyer
LOL.
It's more money out of the pockets of rich taxpayers though, as the federal deduction is no longer available.
I'd rather more money stay local, though.
It's more money out of the pockets of rich taxpayers though, as the federal deduction is no longer available.
I'd rather more money stay local, though.
Posted on 2/15/22 at 10:52 am to frequent flyer
quote:
voters approved last year.
The actual voters are more likely to get things like this right than the legislators that they elect.
Good for Louisiana! Y'all need some good news.
Posted on 2/15/22 at 10:53 am to frequent flyer
quote:
North Dakota has the lowest rate of 2.9%
Ahem...
quote:
Texas, Tennessee and Florida are among the states that don’t charge income taxes.
Posted on 2/15/22 at 10:54 am to frequent flyer
We're still pumping out the same amount of revenue if not more. They just lowered it and got rid of that federal deduction. I'm for it, it's less complex and less prone to shortfalls but it isn't a tax "cut."
Posted on 2/15/22 at 10:57 am to frequent flyer
OK, now take into account all other taxes paid by people in LA.
We have some of the highest sales taxes in the nation.
We have some of the highest sales taxes in the nation.
Posted on 2/15/22 at 10:58 am to teke184
quote:
OK, now take into account all other taxes paid by people in LA.
We have some of the highest sales taxes in the nation.
I'd rather pay sales taxes than sky high property taxes. But that's me.
Posted on 2/15/22 at 10:58 am to frequent flyer
quote:aka theft of the working American
income tax
Posted on 2/15/22 at 10:59 am to frequent flyer
The discussion of State Income Taxes is always so dumb. It isn't a vacuum. States get revenues from all over the place. If income taxes are low then others are high. We need to talk about them as a whole.
Posted on 2/15/22 at 10:59 am to MasterAbe1
quote:
Knowing Louisiana, they’ll get the money right back through insurance skyrocketing and property taxes.
They eliminated the deduction from what you owe on federal taxes.
The feds also did the same thing a few years ago by eliminating the SALT deductions. It really pissed off California, New Jersey, Connecticut, and New York....now those state governments are getting all kinds of pressure to lower their tax rates. It's angered so many Democrats than they are putting SALT deductions for high income people back into the "Build Back Better" bill.
This post was edited on 2/15/22 at 11:04 am
Posted on 2/15/22 at 11:03 am to lsu13lsu
quote:
The discussion of State Income Taxes is always so dumb. It isn't a vacuum. States get revenues from all over the place. If income taxes are low then others are high. We need to talk about them as a whole
I agree with this but LA has the 19th highest total tax burden in the country. Pretty sad for what we get in return.
Posted on 2/15/22 at 11:05 am to frequent flyer
I’m betting there will be some bitching from lower income folks because they will get less of a tax return now
Posted on 2/15/22 at 11:08 am to frequent flyer
Balanced by the highest sales taxes in the nation
Posted on 2/15/22 at 11:09 am to fallguy_1978
quote:
I agree with this but LA has the 19th highest total tax burden in the country. Pretty sad for what we get in return.
Not sure if that number takes this change in tax rates into account.
But there is a HUGE issue in Louisiana with the government simply not making a valuable impact on the lives of the citizens. I can't blame people for not trusting their government with new tax revenue when it so often leads to spending in areas that don't matter to taxpayers. You have shitty roads, shitty schools, horrible drainage, and cities where criminal activity isn't prosecuted.
Louisiana is atrociously bad about that. Take the Baton Rouge bridge that's been needed for 30 years as an example. They might successfully allocate a few hundred million to start the design work for the project, but that fund will get raided next year and the year after if there's anything left over.
The other thing that pisses me off is when they pass a tax for a specific piece of infrastructure, then back door general infrastructure funding towards other pork barrel projects that no one wants. THAT is infuriating. And it's not covered enough in the media.
Posted on 2/15/22 at 11:13 am to frequent flyer
Buuuuuuuuut, so long to a shitton of deductions.
Posted on 2/15/22 at 11:16 am to frequent flyer
We need to eliminate the income tax all together and go to a higher sales tax on everything but food and gas.
Why should I be punished for maintaining a job? Let us all share the burden when we go buy new tv's, phones, and shoes.
Why should I be punished for maintaining a job? Let us all share the burden when we go buy new tv's, phones, and shoes.
Posted on 2/15/22 at 11:19 am to PureBlood
quote:
We need to eliminate the income tax all together and go to a higher sales tax on everything but food and gas.
The elimination of the income tax is what they are trying to eventually get to. The measure that voters approved not only puts a lower cap on the tax rates, it also gives the legislature the power to eventually eliminate the income tax entirely. No idea where they will replace that revenue though. Probably some kind of consumption tax or a property tax.
Mississippi is doing something similar. Louisiana just outflanked them a little bit by an even lower top income tax rate ceiling.
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