Over the past five years, we have made incredible progress in growing our economy by overhauling ethics laws, revamping workforce development programs, eliminating burdensome business taxes and giving every child the opportunity to get a great education. But there is more work to be done.
Indeed, for too long, Louisiana families and businesses have been burdened by a tax code that is too complex and stifles job growth. We must change that.
That’s why this week I announced that 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.
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.
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. 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.
In the weeks ahead, I will be meeting with legislators and business leaders from across the state so that we can come up with the details of a tax reform plan that accomplishes our goal of eliminating all personal income tax and all corporate income tax.