LA Budget Shortfall; Coalition Offers Solution
Louisiana faces a one-point-six billion dollar budget shortfall, but that hasn't stopped lawmakers from filing bills for tax breaks. One measure would repeal the state's income tax on individuals and businesses, while eliminating exemptions, deductions, rebates, and credits. The governor has proposed extending several business tax breaks that are about to expire.
Meanwhile, a coalition is asking lawmakers to approve $940 million in new
taxes as a way to solve the state's 1.6 billion dollar budget deficit. Steve Monaghan, a founding members of Better Choices for a Better Louisiana is urging legislators to consider raising taxes on tobacco, alcohol and gaming while reversing tax cuts passed a few years ago. Monaghan says along with closing tax loopholes the coalition also wants the legislature to look at raising the so-called sin-taxes.(Governor Jindal and legislative republicans oppose any attempts to
raise taxes.) Monaghan says the only way the state can begin to solve the serious
fiscal problems is to put all the options on the table for consideration.