Will Proposed Amendments to Louisiana’s Constitution Really Lower Taxes?
Stephen Waguespack, President of Louisiana Association of Business and Industry, talks about the two latest constitutional amendment proposals, both of which, he says, will lower taxes and streamline the state bureaucracy.
“Do you support an amendment to authorize the legislature to provide for the streamlined electronic filing, electronic remittance, and the collection of sales and use taxes levied within the state by the State and Local Streamlined Sales and Use Tax Commission and to provide for the funding, duties, and responsibilities of the commission?”
"Right now, if you're a small business in Shreveport," say Waguespack, explaining the plan to streamline the sales tax system, "You've got to get customers from numerous parishes. But as soon as you cross that (parish) line, there's a different collector waiting for you. If you happen to be in ten parishes, you have ten different collectors, ten different auditors, ten different assessments, so if you're a small business, it buries you."
Waguespack then emphasizes that out-of-state companies doing business in Louisiana, no matter how many parishes, are allowed to pay taxes under a uniform system.
"Do you support an amendment to lower the maximum allowable rate of individual income tax and to authorize the legislature to provide by law for a deduction for federal income taxes paid?”
"It's a revenue neutral approach where (state tax) rates are dropped and paid for by the federal income tax deduction," says Wags, "When you pay your federal taxes, you get to deduct that from your state taxes. We're on this roller coaster right now. If you take it out and simplify it, now you'll have lower rates - the highest rate will go from 6% to 4.25% - and next time we have economic growth, we can lower rates even more."
To find out more about the proposed amendments or to see them the way they'll be on the November 13 ballot, JUST CLICK HERE!