Governor Jeff Landry joins the show to discuss the special session on tax reform, emphasizing the need to curb out-migration and attract new businesses to Louisiana. He highlighted that the state’s current tax policy is a significant obstacle to economic growth. Businesses have indicated that eliminating the corporate franchise tax and lowering corporate and personal income taxes would make Louisiana more attractive for investment.
Landry compared Louisiana to Tennessee, noting that Tennessee’s lack of income tax and higher median income have contributed to its population growth. He acknowledged that Louisiana has a long way to go but expressed optimism about making significant progress during the special session and future legislative sessions.
The governor also addressed the importance of voter support for rewriting Article 7 of the state Constitution, which would include measures like a permanent teacher pay raise, double deductions for seniors, and the elimination of sales tax on prescription drugs. He stressed that these changes are crucial for stopping out-migration and attracting new residents.
On the sales tax side, Landry discussed a bill to broaden the number of taxable services, which could face opposition from businesses currently exempt from such taxes. He argued that broadening the tax base while lowering rates could enhance economic attractiveness, citing examples from other states.
Overall, Landry’s plan aims to lower the overall tax burden on citizens and increase the median income for Louisiana families. He acknowledged the challenges ahead but remained confident in the state’s ability to make substantial improvements with the support of legislators and voters.