Telling It Like It Is in Sportsman’s Paradise
So, you say there is nothing sexy about taxes?
That tax policy discussions are only good for curing insomnia?
That taxes don’t matter because government just takes it all from us anyway — one way or another?
Well, bear with us for a minute while we… tell it like it is.
When it comes to tax reform, Louisiana Governor Bobby Jindal is turning up the heat in his home state. He is clearly letting his conscience be his guide with his proposal to say “so long” to state income tax. If he is successful, the winners will be workers, small business owners and, ultimately, the 24 million tourists who are drawn in by the Department of Tourism’s invitation to Pick Your Passion.
There is little in life that compares to the first time you experience the rich and diverse culture found throughout the state of Louisiana. But, instead of resting on the state’s world-class contributions, Jindal’s massive tax overhaul aims to keep Louisiana competitive with its no-income-tax neighbor, Texas. According to Tim Barfield of the Louisiana Department of Revenue, Jindal’s vision of paradise will give Louisiana the, “chance to go from pretty good to great.”
According to a new study by the Beacon Hill Institute and the Pelican Institute for Public Policy, the Jindal tax plan (which eliminates personal income tax and closes some corporate tax loopholes, while increasing sales tax and broadening the base on taxable services and products), will create nearly 12,000 new jobs in the next four years. In addition, these tax code changes will create an extra $1.7 billion in personal income.
Looks pretty attractive, doesn’t it?
Clearly, Governor Jindal is making all the right moves, especially in today’s global marketplace and the highly competitive pursuit for employers. There are just under 400,000 small businesses in the state of Louisiana and they produce almost $15 billion in income and comprise about 97% of the private-sector workforce. An across-the-board, 6% increase in personal income will go a long way to keep these entrepreneurs in Louisiana, where their presence has contributed to the inimitable fabric of this great state.
Also, the state’s largest employers, such as Baton Rouge-based Lamar Advertising (the nation’s leading outdoor advertising company), will have even more reason to grow the company high atop the Mississippi River bluffs, rather than seeking tax refuge in neighboring Texas or returning its headquarters to its original home state of Florida, both no-income tax states.
Most importantly, this tax plan places purchasing freedom and power in the hands of hard-working Louisianans, allowing them to remain in a state that cherishes a life well-lived. Laissez les bons temps rouler!