The Special Session is now called.  All the proposals are blurred and ill defined.  Much focuses on raising taxes.

BUT MAYBE, Louisiana’s taxpayers could be within a whisker of historic “TAXPAYER RELIEF.”

MAYBE, the Legislators’ promise of a substantial tax reduction to reverse our stagnant economy will occur.

MAYBE our Legislators can simply ignore all the smoke and mirrors, bargaining chips, and wish lists.

MAYBE, the Special Session will become a runaway “TAXPAYER RELIEF SESSION.”

MAYBE, our Legislators will reject the Huey Long – Rube Goldberg tax-and-spend gibberish, and instead begin the tax revolution necessary to supercharge Louisiana’s economy, based on lower taxes and population growth.

Louisiana’s economic resurrection sits in the lap of our Legislators.  If there are thirty-six (36) Representatives, or fourteen (14) Senators who will band together, economic resurrection will arise.  The Rube Goldberg Tax Reshuffle presently being proposed offers minutia and a fifteen year wait.

The Goldberg Reshuffle accomplishes nothing significant for our economy.

The economic supercharger is the real “Gold Standard Tax Reform” proven in Texas, Tennessee and Florida.    The real “Gold Standard Tax Reform” is simple and understandable.  It includes just nine (9) tax changes to revolutionize the Louisiana economy, through more business and more people.  The “Gold Standard” Taxpayer relief package includes these nine (9) steps:  And, no other tax/revenue changes are necessary.

TAXPAYER RELIEF:

1) Phase out Individual Income Tax (3yrs)                     -$  500 mil

2) Repeal Franchise Tax                                                       -$  412 mil

3) Reduce Corp. Inc. Tax by 1/3rd ($1,236 Mil)              -$  412 mil

4) Reduce Severance Tax by 50% ($842 Mil)                   -$  421 mil

5) UNASSIGNED TAX REPEALS¹                               -$  455 mil

TOTAL TAXPAYER RELIEF                                        -$2,200 mil

 

BUDGET PAY-FOR’S AND TAX INCREASES:

6) Extend 0.45% Sales Tax for 4 yrs                                  +$    500 mil

7) Extend Sales Tax Bus. Util. For 4 yrs                           +$    275 mil

8) REDUCE SPEND 5% OF STATE REV.²             +$ 1,175 mil

9) INCREASED REVENUE FROM GROWTH³    +$    250 mil

TOTAL BUDGET PAY-FOR’S                                    +$2,200 mil

An effective “TAXPAYER REVOLT” is based in tax reductions for taxpayers.  The “Gold Standard” when enacted begins to cure our economic stagnation and out-migration.  MAYBE economic conservative Legislators will join together and change Louisiana. MAYBE.

 

Paul L. Hurd, President

Louisiana Excellence, Inc., Contact paul@louisianaexcel.org

1. Unassigned tax repeals:  the amount of budget “pay-for’s” not yet assigned.
2. Total State Revenue for 2024-2025 is $23,531 million.
3. Revenue increases from increased economic growth and population growth.