Posted in theadvocate.com
The Committee of 100 for Economic Development Inc. has promoted comprehensive fiscal reform since 2015 and supported the recommendations of the HCR11 Task Force that were guided by the C100/Tax Foundation 2016 report to provide solutions to our structural deficit that would create a revenue structure that is both stable and predictable for the betterment of our economy.
With our state facing another $1 billion-plus shortfall on July 1, 2018, Gov. John Bel Edwards announced that he is advocating for the implementation of key recommendations of the legislatively created Task Force. Governor Edwards’ plan is a substantial step forward in reforming and simplifying our tax code, replacing temporary patchwork measures enacted in 2015 and 2016, and broadening our tax base without increasing net new tax revenue.
Louisiana has the fifth-lowest per capita tax burden in the United States, yet it has one of the 10 most complex tax structures in the country. Governor Edwards, with assistance from the Committee of 100, has conducted a series of business roundtable discussions throughout the state to engage business leaders seeking solutions to establish long-term predictability and stability for our state budget and finances. The Committee of 100 will continue to support comprehensive reform now and into the future.
We must resist the temptation to kick the can down the road, but instead take this opportunity to engage in the hard work necessary to develop the economic environment we all want to have. We recognize that this will require a level of cooperation and engagement that has been lacking in our political climate and has brought us to the brink of failure that we now face. As a business roundtable, C100 wants a government that is transparent and fiscally efficient while being stable and predictable. HCR11 recommendations can lead to the certainty needed by the business community to continue investing in Louisiana. We have been pleased to work in this effort with PAR, CABL, The Louisiana Budget Project, the Louisiana Public Administration Institute and many others to develop support for addressing the causes of our fiscal cliff while planning for a multiyear implementation of the changes recommended by the HCR11 Task Force.
C100 urges all business groups to support this call to challenge all legislators to support the comprehensive fiscal reforms outlined by their own bipartisan task force they established to thoroughly examine the state’s budget and tax structure. In doing so, we will all make Louisiana a better place to live and work.
Michael J. Olivier
CEO-Committee of 100