BATON ROUGE, La. (WAFB) – Out of touch with the times is what some at the Louisiana State Capitol are referring to when it comes to how our current state income tax system operates, particularly when it comes to federal income tax deductions.
“We are one of the last two states that still have a federal income tax deduction – us and Alabama,” said Sen. Bret Allain II, R-Franklin, on Tuesday, April 13, in a committee meeting.
The proposal is to take those who make $50,000 or more and reduce the individual income tax rate from 6% to 5%. But to balance those numbers out, lawmakers also want to get rid of deductions from the federal government. There is only one problem. Those deductions are written in our state’s constitution and in order to get rid of them, there would need to be an amendment.
“And that’s basically what this bill would do,” said Robert Travis Scott, president of Public Affairs Research Council. “And it needs to be removed from the constitution to allow the legislature the flexibility to do better tax policy.”
Because the federal income tax deductions fluctuate with… Continue Reading Full Story >>>
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