Louisiana’s GOP-dominated legislature passed tax cuts on personal and corporate income on Friday in exchange for a statewide sales tax increase.
FILE - The seal of the Department of Justice is pictured, Aug. 1, 2023, in Washington. Owner of Florida healthcare companies withheld $10M in employee taxes, bought yacht, shopped at high-end retailersJacksonville drug dealer pleads guilty in brazen, retaliatory drive-by shooting on I-95 in St. Johns CountyMake household chores easier and more with these Insider DealsBATON ROUGE, La.
“Today we have made generational change in this state,” Landry said. “We now stand at the threshold of a new era for Louisiana.”Lawmakers approved a flat 3% individual income tax rate, leading to a $1.3 billion cut.Louisiana Republicans said the measure advanced their goal of ultimately eliminating the income tax in the future.
Louisiana's corporate income tax rate had been the highest in the South according to the Tax Foundation, a conservative think tank. Lawmakers raised the state sales tax to 5%, equivalent to an increase of one cent on every dollar spent. In 2030, the state sales tax will be reduced to 4.75%. Republican leaders said they did not believe the increased sales tax would cancel out the benefits of the income tax cut for lower- and middle-income families.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Louisiana GOP lawmakers want to make it easier to try juveniles as adultsLouisiana's GOP-dominated Legislature approved a constitutional amendment on Friday that would allow lawmakers to expand the number of crimes in which juveniles between 14 and 16 years old could be tried as adults.
Read more »
The Friday Night Lights guys are working on new Friday Night LightsJason Katims, Pete Berg, and Brian Grazer are reportedly in the 'early stages' of working on a Friday Night Lights reboot.
Read more »
Forget about Black Friday; plumbers are getting ready for Brown FridayJustin Boggs is a writer for the E.W. Scripps company. Justin covers anything from politics to sports and entertainment.
Read more »
Black Friday: Amazon Goes All Out, Here Are 15 Hidden Gems to Snag This Friday MorningOn this page, you'll find our live selection of the top deals on Amazon for Black Friday.
Read more »
Louisiana lawmakers pass income and corporate tax cuts, raising statewide sales tax to pay for itLouisiana’s GOP-dominated legislature passed tax cuts on personal and corporate income on Friday in exchange for a statewide sales tax increase.
Read more »
Louisiana lawmakers pass income and corporate tax cuts, raising statewide sales tax to pay for itLouisiana’s GOP-dominated legislature passed tax cuts on personal and corporate income on Friday in exchange for a statewide sales tax increase.
Read more »