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Louisiana May
Become Another Income Tax Free State |
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Louisiana
Governor Bobby Jindal is proposing the elimination of the
state’s corporate income tax, personal income tax as well as the
franchise tax in return for raising sales taxes.
The current corporate
income tax rate in Louisiana ranges from 4-8 percent.
The current
individual income tax rate
ranges from 2-6 percent.
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If
successful, Louisiana will join x other states that don’t
have a corporate
income tax rate
and x other states that do not have a personal income tax
rate.
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Huawei is a Chinese company that was founded in 1987, and
grew from a $5,680 small company to a global company with a
sales volume of over $20 billion with business presence in
over 140 countries.
Their products include software and hardware used in
providing telecommunications services such as iManager
U2000, iManager 2510, iManager Nastar, iManager PRS, NetCo.
Their software and equipment is used by large and
small companies to provide telecommunications services. |
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The make
up for the revenue shortfall the plan calls for raising the
sales tax by 1.6 percent.
According to the governor
“eliminating personal
income taxes will put more money back into the pockets of
Louisiana families and will change a complex tax code into a
more simple system that will make Louisiana more attractive
to companies who want to invest here and create jobs.”
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According to
The Tax Foundation,
if successful this would significantly increase the state’s
ranking in the
States Business Tax Climate Index
from 32nd
to 4th
in the nation overall.
The plan is in its early stage and the governor still has to
convince the legislature to adopt it.
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Sources:
WWLTV.com Eyewitness News
The Tax Foundation
The Times Picayune
By Jack
River
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