Tax reform will grow Louisiana jobs and kickstart the economy
As Louisiana’s economy continues struggling, neighboring states are creating jobs and boosting their economies. One of the primary contributors to the state’s inability to retain residents and remain competitive with our neighbors is Louisiana’s fundamentally broken tax system.
Fortunately, tax reform is on the table for the upcoming legislative session, and if passed, it would encourage new investments from job creators and transform the state’s economy. The Pelican Institute is supporting multiple measures that aim to comprehensively reform both individual and corporate taxes. These reforms directly address the core problems with the state’s tax code, specifically its provisions that actively discourage the growth of jobs and economic opportunity. Other states like North Carolina enacted major tax reforms in recent years, and these efforts transformed the state’s economy into one of the strongest in the nation.
One of the major issues with Louisiana’s tax code is that it’s far too complex and burdensome for job creators. By enacting the reforms proposed for the upcoming session, we will create a tax system that is dramatically simpler, remains roughly revenue neutral and fosters significant quality job creation and economic growth.
Working families in Louisiana need tax reform now, and if implemented fully, these reforms will level the playing field for everyone contributing tax dollars, reignite the potential of the state’s economy, lead to better quality of jobs and save Louisianans more of their hard-earned money.
Given the difficulties entrepreneurs and workers have faced during COVID-19, there is no more important time than now to pursue reforms that simplify our complicated, antiquated tax code. If adopted in full, this reform package can not only encourage more businesses and people to move to Louisiana, it will provide them with an incentive to stay here. Louisiana’s working families deserve a flatter, simpler income tax structure, and job creators in the state need a pro-growth system that removes both destructive taxes and targeted tax breaks favoring specific firms or industries.