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Getting rid of different tax exemptions (property, sales and income) is a very good idea
Posted by I B Freeman on 11/13/19 at 11:40 am136
In Louisiana the success of populist politicians over the decades have resulted in our tax burdens being more concentrated on fewer people than they should be.
Another thread talks about the homestead exemption. There is the industrial ten year tax exemption too. There is the property tax exemption for those over 65. All of those should be eliminated with the understanding that all millages will be rolled back so that government collections are the same. We would add perhaps hundreds of billions of dollars to the property tax rolls. A parish might see a school millage go from 25 mils to 10 mils. Many homeowners would actually pay lower taxes in some circumstances.
Income taxes are the same way. There is NOTHING FAIR about exempting government retirement income from all Federal, State and Local government retirees while taxing the retirement income of those in the private sector. The government class should not get this benefit. I saw a calculation once that said this exemption cost the state $90 million annually. Do away with it and lower the income tax rate for all.
Does anyone need to hear about how stupid it is to have the film tax credits and the digital media credits and the live music credits? Same for the payroll credits IMHO.
Do away with all of these and end the corporate income tax altogether. It doesn't raise much revenue as it is.
There are a lot more. (old age fishing licenses are a pet peeve of mine--they sold me a lifetime licenses for less than the same license would cost a 16 year old annually. Which of us has more means to pay this tax?)
Another thread talks about the homestead exemption. There is the industrial ten year tax exemption too. There is the property tax exemption for those over 65. All of those should be eliminated with the understanding that all millages will be rolled back so that government collections are the same. We would add perhaps hundreds of billions of dollars to the property tax rolls. A parish might see a school millage go from 25 mils to 10 mils. Many homeowners would actually pay lower taxes in some circumstances.
Income taxes are the same way. There is NOTHING FAIR about exempting government retirement income from all Federal, State and Local government retirees while taxing the retirement income of those in the private sector. The government class should not get this benefit. I saw a calculation once that said this exemption cost the state $90 million annually. Do away with it and lower the income tax rate for all.
Does anyone need to hear about how stupid it is to have the film tax credits and the digital media credits and the live music credits? Same for the payroll credits IMHO.
Do away with all of these and end the corporate income tax altogether. It doesn't raise much revenue as it is.
There are a lot more. (old age fishing licenses are a pet peeve of mine--they sold me a lifetime licenses for less than the same license would cost a 16 year old annually. Which of us has more means to pay this tax?)
This post was edited on 11/13 at 12:04 pm
re: Getting rid of different tax exemptions (property, sales and income) is a very good ideaPosted by BigJim on 11/13/19 at 11:46 am to I B Freeman
Yep.
And you didn't even get into the numerous sales tax exemptions (200ish).
Now there are some exemptions we should keep, but that number is VERY small in my opinion. Things like:
Standard deduction
taxes paid to other states
shareholder pass through
business inputs for sales tax
And then lower the rates.
And you didn't even get into the numerous sales tax exemptions (200ish).
Now there are some exemptions we should keep, but that number is VERY small in my opinion. Things like:
Standard deduction
taxes paid to other states
shareholder pass through
business inputs for sales tax
And then lower the rates.
re: Getting rid of different tax exemptions (property, sales and income) is a very good ideaPosted by kingbob on 11/13/19 at 11:49 am to I B Freeman
The homestead exemption exists because the state constitution expressly forbids the state government from seizing property due to unpaid property taxes. This is due to some extremely shady dealings by the state government during the Great Depression when the state would “erroneously” mark that tax receipts were delinquent by tiny amounts, “forget” to send notices that property taxes were delinquent, seize the property without notifying the owner, and then re-sell it at “auction” to the Long Land Corporation to then lease it to oil companies for mineral revenues.
The state was so draconian and corrupt that the people forbid the state from seizing Individual’s land. They didn’t trust the locals either, so they created the homestead exemption so that residents wouldn’t have to worry about their property being seized due to unpaid property taxes as determined by corrupt and incompetent assessors.
Personally, I believe property taxes are unjust and should be eliminated completely, but governments like them because they’re relatively stable. Government budgeters can reliably predict property tax revenue most years while sales tax receipts are far more volatile. It’s hard to budget for continuing expenses without a solid baseline, which property taxes provide.
Inventory taxes are just stupid and served only to mothball warehouses and prop up the Houston ship channel. Those need to be eliminated completely along with the complex and idiotic credit scheme that goes with it.
The state was so draconian and corrupt that the people forbid the state from seizing Individual’s land. They didn’t trust the locals either, so they created the homestead exemption so that residents wouldn’t have to worry about their property being seized due to unpaid property taxes as determined by corrupt and incompetent assessors.
Personally, I believe property taxes are unjust and should be eliminated completely, but governments like them because they’re relatively stable. Government budgeters can reliably predict property tax revenue most years while sales tax receipts are far more volatile. It’s hard to budget for continuing expenses without a solid baseline, which property taxes provide.
Inventory taxes are just stupid and served only to mothball warehouses and prop up the Houston ship channel. Those need to be eliminated completely along with the complex and idiotic credit scheme that goes with it.
This post was edited on 11/13 at 11:53 am
re: Getting rid of different tax exemptions (property, sales and income) is a very good ideaPosted by SaintsnTigers1 on 11/13/19 at 12:01 pm to I B Freeman
Get rid of the state income tax. End most state support for public schools and let the parishes decide how much, if any, they want to spend on them. Severely cut ALL state pensions, and eliminate state tax breaks on them. Eliminate most, if not all, areas currently protected.
This post was edited on 11/13 at 12:05 pm
re: Getting rid of different tax exemptions (property, sales and income) is a very good ideaPosted by KiwiHead on 11/13/19 at 12:02 pm to I B Freeman
Don't say stuff like that about sacred calves....they have feelings, you know.
I was surprised on the governmental income tax exemptions being so high but I have been an advocate of ridding the 75K exemption on property taxes
I was surprised on the governmental income tax exemptions being so high but I have been an advocate of ridding the 75K exemption on property taxes
quote:
Personally, I believe property taxes are unjust and should be eliminated completely,
Property tax is a fair way to provide for govt. services like fire, police, sewer, and street services.
And that's why I think every property owner should pay some property tax to offset the costs of theses of services.
re: Getting rid of different tax exemptions (property, sales and income) is a very good ideaPosted by I B Freeman on 11/13/19 at 12:10 pm to KiwiHead
quote:
was surprised on the governmental income tax exemptions being so high
Every dollar in retirement any soldier, any teacher, any fireman, any politician, any IRS agent, ect. gets in government retirement is untaxed by the State of Louisiana. This is regardless of their age.
I know an education bureaucrat that got almost $500k in drop payments state income tax free. This person had a very high paying education job.
quote:
Now there are some exemptions we should keep, but that number is VERY small in my opinion. Things like:
Standard deduction
taxes paid to other states
shareholder pass through
business inputs for sales tax
And then lower the rates.
I am opposed to removing any tax benefits for veterans, and especially combat veterans. In fact, I would increase benefits to these people, even if it meant burdening non-veteran citizens.
re: Getting rid of different tax exemptions (property, sales and income) is a very good ideaPosted by I B Freeman on 11/13/19 at 12:11 pm to doubleb
quote:
Property tax is a fair way to provide for govt. services like fire, police, sewer, and street services.
That or fees. I would almost rather fees as it has little to do with value. I don't like property taxes on inventory or on business equipment.
re: Getting rid of different tax exemptions (property, sales and income) is a very good ideaPosted by SaintsnTigers1 on 11/13/19 at 12:11 pm to doubleb
NO reason most of this can't be passed on to the parishes, unless it's a state highway or service.
This post was edited on 11/13 at 12:13 pm
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re: Getting rid of different tax exemptions (property, sales and income) is a very good ideaPosted by I B Freeman on 11/13/19 at 12:13 pm to I B Freeman
I will tell you something else---property tax votes should include only people owning property.
We would vote for things we need and would probably fund them in a good way.
We would vote for things we need and would probably fund them in a good way.
re: Getting rid of different tax exemptions (property, sales and income) is a very good ideaPosted by SaintsnTigers1 on 11/13/19 at 12:19 pm to I B Freeman
LA has a very lucrative retirement plan (pension) for state employees. Many states, and even the Federal gov. have gone to a hybrid plan, part 401k and part pension. My understanding is that the state pension fund must be funded up to a certain level within a few years. Guess who's gonna be on the hook if the moneys not there.
quote:
I am opposed to removing any tax benefits for veterans, and especially combat veterans. In fact, I would increase benefits to these people, even if it meant burdening non-veteran citizens.
This, right here, is why our tax system is so fricked up.
You support and appreciate veterans. I get that and I do too.
But you don't frick up your tax system to show "appreciation" for a group. If you must show appreciation via the government then appropriate a benefit:a government stipend for retired disabled vets, or funding of VA homes and hospitals, or services for disabled vets, or help for homeless vets or mental services or whatever.
That way it gets regular scrutiny through the budget process. Or donate your personal money to veteran's causes.
But you start adding in your favorite group and everybody's favorite group gets added. And very quickly you end up with Louisiana hellscape of a tax code.
quote:
This, right here, is why our tax system is so fricked up.
You support and appreciate veterans. I get that and I do too.
But you don't frick up your tax system to show "appreciation" for a group. If you must show appreciation via the government then appropriate a benefit:a government stipend for retired disabled vets, or funding of VA homes and hospitals, or services for disabled vets, or help for homeless vets or mental services or whatever.
That way it gets regular scrutiny through the budget process. Or donate your personal money to veteran's causes.
But you start adding in your favorite group and everybody's favorite group gets added. And very quickly you end up with Louisiana hellscape of a tax code.
I'm good with this too, because Veterans get used up and thrown away in this country and it's embarrassing. Even the things that are dedicated to them as you say currently on the books get rob from to pay for other things or just plan stolen and put in the pockets of layer upon layer of government BS unnecessary workers.
And I do donate to veteran causes and I also refuse to use my veteran benefits because I am fortunate enough to be be able to afford to take care of these thing without it and hopefully save those benefits for someone less fortunate.
And I whole heatedly disagree with your implication that veterans are some pet project to siphon money off to. That "fricks up " the tax system. We have a plethora of politicians and lawyers that do a fine job of that with out any help.
re: Getting rid of different tax exemptions (property, sales and income) is a very good ideaPosted by Boatshoes on 11/13/19 at 2:34 pm to I B Freeman
15% flat tax. Everyone pays. No deductions, no exemptions, no capital gains, no nonprofits.
re: Getting rid of different tax exemptions (property, sales and income) is a very good ideaPosted by I B Freeman on 11/13/19 at 2:36 pm to Snipe
We should not treat people "special" with taxes. No need to give veterans tax breaks when the government can just give them money.
Most---by a huge number---of veterans have all they expect from the government.
It is not slighting the veteran by not inventing a tax loophole for him.
We should all be proud of veterans.
Most---by a huge number---of veterans have all they expect from the government.
It is not slighting the veteran by not inventing a tax loophole for him.
We should all be proud of veterans.
re: Getting rid of different tax exemptions (property, sales and income) is a very good ideaPosted by TigerSprings on 11/13/19 at 2:39 pm to I B Freeman
This is what you are capable of!
re: Getting rid of different tax exemptions (property, sales and income) is a very good ideaPosted by ExtraGravy on 11/13/19 at 2:40 pm to I B Freeman
hey IB- how about the nursing homes while we're at it? You think the next governor is going to take on the nursing home lobby?
re: Getting rid of different tax exemptions (property, sales and income) is a very good ideaPosted by I B Freeman on 11/13/19 at 2:42 pm to ExtraGravy
They should do something but this thread is about fairer tax policy.
They should end medicaid paying for opioids too.
They should end medicaid paying for opioids too.
This post was edited on 11/13 at 2:43 pm
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