Jindal aims at ending income tax in Louisiana

Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts
    Jindal aims at ending income tax in Louisiana
    Indian-American Governor of Louisiana Bobby Jindal today proposed to end individual and corporate income tax, which he argued would be able to attract more investment and people to his State.
     

    "My goal is to eliminate all personal income tax and all corporate income tax in a revenue neutral way, and keep the sales tax as low and flat as possible," Jindal announced, which drew sharp reaction from some of the State lawmakers."This will keep more money in the pockets of Louisianians and send a message to businesses across the globe that Louisiana is open for business," he said in an email to his people in the State.

    Study after study shows that states with no income tax or low income tax rates have more population and more job growth than states with higher tax rates, he said.

    "We've already proven that we can compete with other states around the country to win economic development projects, but eliminating personal and corporate income taxes will put Louisiana in an even stronger position to attract companies that want to invest and create jobs," Jindal argued.But some lawmakers responded his proposal with caution.

    "I think that there are some promising concepts here, but we're still talking about concepts. I'm not going to be anywhere until I see the specific language," said State legislator Chris Broadwater, a member of the House Ways and Means Committee, the tax-writing panel.

    Elimination of income tax is not a new phenomenon in the US. Several States like Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming have no income tax.

    Some of these States make up for income tax by imposing a higher property tax or increase in sales tax.

    PTI

    Read more about: jindal income tax
    Story first published: Saturday, January 12, 2013, 12:33 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more