Vote Yes for Constitutional Amendments #1 and #2
Louisiana has a problem and an opportunity. The problem is that our population peaked in 2016. Alone among the southern states, we now lose residents every year. People leave for many reasons. One reason is our lack of economic growth and opportunity.
When we at Gulf Coast Bank talk to businesses that are leaving or choosing to locate elsewhere after considering Louisiana one of the dissatisfiers most often mentioned is our complex and opaque tax system.
We truly have one of the worst tax structures in the country. We look expensive compared to other states but are reasonable after considering all the exemptions and exclusions. The problem is that most relocation prospects focus on top line rates and don’t have the time or inclination to dig into Louisiana’s actual net effective tax rates.
Amendments one and two will help to simplify our tax structure and will reduce our top line window sticker tax rate.
Amendment one will bring us in line with all the other states with one central sales tax collector instead of the current 54 sales tax collecting entities.
Amendment #2 reduces our top line income tax rate by eliminating the deductibility of Federal Taxes. This is a revenue neutral change that brings us in line with the other states and reduces the risk that federal tax changes could severely impact our state receipts.
These changes if enacted won’t eliminate our growth problems, but they will be a positive step toward good government.
The opportunity that we have in Louisiana is that with the advent of work at home individuals can live in a different place than their company location. Our culture, diversity, food and music make us an interesting destination for mobile workers. As businesses reopen nationally, we have a window of opportunity to make Louisiana a more attractive place for remote workers.
We encourage you to join us and vote yes on amendment # 1 and # 2