SALT deduction

June 11, 2018

The Legislature now has one job

When the Legislature reconvenes in Baton Rouge next Monday to address what remains of the fiscal cliff, it will look far different than the special sessions that came before.

Number of the Day

$506.4 million - Amount of funding needed to fill the remaining gaps in the 2018-19 state operating budget. Most of the gaps are in higher education, public safety and social services. (Source: Legislative Fiscal Office)
October 27, 2017

Federal tax cut promises don’t add up

The U.S. House of Representatives narrowly approved the Senate’s budget resolution on Thursday, clearing the way for both chambers to continue their efforts to enact a $1.5 trillion tax cut that would disproportionately benefit the wealthiest Americans.

Number of the Day

23 - Percentage of Louisiana tax filers who used the state and local tax (SALT) deduction in 2015, with an average deduction of $6,742. Republicans in Congress have proposed eliminating the deduction to partially offset the cost of massive tax cuts, making the tax code more regressive. (Source: Government Finance Officers Association)
October 20, 2017

Senate passes budget resolution

Voting mostly along party lines, the U.S. Senate cleared the way Thursday for a massive tax cut package that would primarily benefit the wealthy and profitable corporations.

Number of the Day

$5.49 million - Amount an estate must be worth before incurring tax under the federal estate tax; one of a litany of cuts specifically for the super-wealthy in President Trump’s plan. (Source: Vox)