Pelican Institute Urges State Lawmakers To Forge New Economic Future in Third Special Session
NEW ORLEANS, La. (June 18, 2018) — The following is a statement from Daniel Erspamer, chief executive officer of the Pelican Institute for Public Policy (Pelican Institute), regarding the upcoming third 2018 Louisiana special legislative session and tax proposals currently under consideration:
“As Louisiana heads into its third special legislative session of the year, our state’s lawmakers have the opportunity to stand up for Louisiana’s working families by opposing the proposed tax-raising scenarios.
Governor John Bel Edwards and some of his allies believe increasing taxes is the only answer to rightsizing our already robust budget. These tax-raising proposals will hurt Louisiana’s families and economy at a time when our state can least afford it. The federal Bureau of Economic Analysis recently reported that over the last year, Louisiana’s GDP dropped by 0.2 percent – the second straight year in decline – making Louisiana the worst economy in the nation.
Neither of the proposals on the table will help turn this number around. Raising the state sales tax by 0.25 percent would, within a year, lead to the net loss of 1,400 jobs and decrease the state’s GDP by $86 million, while increasing the state sales tax by 0.5% would lead to a devastating net loss of 2,800 jobs and a decrease in the state’s GDP by $173 million.
Our goal must be to create a long-term, sustainable and thriving economy that grows jobs and creates opportunities for everyone in Louisiana. By streamlining and prioritizing government spending, we can accomplish this.
We can and should do better by Louisiana taxpayers. Today, our legislators face a clear choice: continue embracing the status quo of more spending and higher taxes, or draw a line in the sand and forge a new, more prosperous economic path for Louisiana.”
About Pelican Institute
The Pelican Institute is a nonpartisan research and educational organization – a think tank – and the leading voice for free markets in Louisiana. The Institute’s mission is to conduct research and analysis that advances sound policies based on free enterprise, individual liberty, and constitutionally-limited government. For more information, visit PelicanInstitute.org or follow Pelican Institute on Facebook and Twitter.