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New LBP report: Pensions in the Parishes 2017

Altogether, Louisiana’s pension systems pay out more than $4 billion in benefits to 164,000 retirees and their families every year—an amount equivalent to 2 percent of all personal income in the state.

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Reduced funding, low salaries put state’s most vulnerable children at risk

The department’s staffing has been reduced by more than 2,500 since 2008 - and many of those who are left have gone years without a pay raise. The average annual salary at the department is $44,349. That’s $5,317 less than the average DCFS salary in FY 2008 when accounting for inflation.

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Most would get tax cut under Gov. John Bel Edwards’ tax plan

The governor’s tax plan is not perfect. But if all the elements are taken together, it would take a step toward making Louisiana’s broken tax system more fair and adequate.

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The Daily Dime

There comes a time, in most legislative sessions, when things appear on the verge of a complete breakdown.

Number of the Day

$4.6 million - Projected revenue gain from House Bill 501, which would eliminate several state income tax deductions and replace the current three-bracket structure with a 3.95 percent flat tax on income above $12,500. (Source: Legislative Fiscal Office)

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Our Two Cents Blog

For the second year in a row, the Senate Labor Committee agreed to establish a minimum wage in Louisiana. Sen. Troy Carter’s Senate Bill 153 would require workers to be paid at least $8.50 per hour starting in 2019 – and would make Louisiana the 30th state with a minimum wage higher than the $7.25 federal rate. Here are some facts to keep in mind as debate on the bill moves to the Senate Finance Committee:

–> Seventy-six percent of Louisianans support establishing a minimum wage of $8.50, according to the 2016 Louisiana Survey.

–> The Economic Policy Institute calculates that more than 85,000 Louisiana workers would get an immediate raise once the $8.50 wage kicks in, as their current wages fall below that threshold. Another 127,000 workers earn slightly above $8.50 an hour, but would also see their paychecks increase as the higher minimum puts upward pressure on their wages.

–> About 119,000 Louisiana children would benefit as their parents earn more.

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