Louisiana’s tax system is broken. It doesn’t bring in enough revenue to pay for the things that allow communities to thrive- strong schools, good hospitals and public safety. It taxes people with low incomes at higher levels than the rich. It doesn’t keep up with economic growth. And it’s riddled with special-interest exemptions and tax breaks.
It’s time to trade the never-ending cycle of budget shortfalls for long-term stability that allows for new investments in Louisiana’s communities. It can only happen with fundamental tax reform that meets some basic principles: Fairness, Adequacy, Competitiveness, Timeliness and Sustainability.
A new report by LBP’s Nick Albares, “Moving from Budget Cuts to State Investments: A Blueprint for a Stronger Louisiana,” provides a series of recommendations for how Louisiana’s tax code can be restructured in a way that generates new revenue and shifts the public debate from a question of “where to cut” to “how to invest” in Louisiana’s working families.
Making these common-sense reforms will allow Louisiana to meet its current obligations to students, families and health care providers while making new investments in priorities that can grow and sustain the middle class: college financial aid, early care and education, affordable housing and public safety. To read the full report, click here. To learn more about the #investInLa campaign, which aims to get citizens involved in tax and budget decisions that affect them, click here.