quote:
The state will make up for those lost funds by redistributing those taxes among "luxury goods," which Landry said included things like car washes, dog grooming, and home repair.

"We're moving from taxing your labor to your choices," Landry said.

Some people are not understanding this, it is not luxury items like expensive things, it is all the things you have cut back on because of the economy.

His examples were not great. This will affected restaurants, coffee shops, boutiques etc. which in turn will raise those businesses back and help them recover from the covid BS..

This should boost employment numbers which results in more people making a salary and buying more things. Not to mention businesses spending more on supplies.

Taxing less allows people to spend, where yes they are taxed on their purchases but it is their choice and less like theft.

Lastly, if they are a frugal saver then they invest which also helps the economy.

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Posted by KamaCausey_LSU

Member since Apr 2013

15224 posts

Posted on 10/1/24 at 3:16 pm to winkchance

quote:
His examples were not great. This will affected restaurants, coffee shops, boutiques etc. which in turn will raise those businesses back and help them recover from the covid BS

Will also affect services such as lawn care, tree service, fishing/hunting guides. (Assuming they're going to copy Texas).

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Posted by doubleb

Baton Rouge

Member since Aug 2006

37609 posts

Posted on 10/1/24 at 4:36 pm to CreoleTigerEsq

quote:
That loud sucking sound you hear are people fleeing to other states because of this dumb shite.

No, that’s the sound of the people leaving before this passes.

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Posted by doubleb

Baton Rouge

Member since Aug 2006

37609 posts

Posted on 10/1/24 at 4:50 pm to GoIrish02

quote:
This is a good thing, taxes are too high already and feed the excessive state spending. The state should have to spend wisely just like its citizens. Giving the Louisiana Department of Revenue part of everyone's paycheck is the source of the excessive spending. FYI the personal income tax compromises less than 10% of the state budget, so setting that number to zero still leaves 90%+ of existing revenue, (current budget is ~$500 million) We've all had to deal with real spending cuts in our personal lives, imposing the same restraint on the state is reasonable. Especially when every state around Louisiana is getting rid of income tax or has none already, you don't want to be less competitive economically. I don't understand why the reduced income tax collection has to be replaced with higher taxes on other things in the first place; "revenue neutral" only keeps up the largesse. Just remove the income tax and budget accordingly with ~90% of existing because the income tax is so miniscule relative to other tax revenue.

Louisiana revenues (not counting Federal funds was 15.6 Billion dollars in 2022.
4.5Billion was from income taxes. That’s 29.2% of state revenues.
Sales taxes were slightly more, 31.9%.
Corporate and franchise income were 9%.
Insurance taxes 7.7%
Gaming taxes 6.4%
Minerals 4.5%
Gas and fuels 4%
Other 2.3%

Your premise is incorrect. Income taxes are a big deal.

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Posted by Jake88

Member since Apr 2005

71195 posts

Posted on 10/1/24 at 4:53 pm to Marciano1

quote:
have a problem with taxes, period.

He wants to super tax home repairs? frick him.

Also, it won't stop with "luxury" purchases

It's more of a consumption tax. You're good with an income tax instead?

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Posted by KamaCausey_LSU

Member since Apr 2013

15224 posts

Posted on 10/1/24 at 10:00 pm to doubleb

They're not eliminating state income tax. They're reducing it. And plan on balancing it with eliminating exemptions.

This one being one of the main targets to make it a revenue neutral policy.