Gov. John Bel Edwards wants big changes in how Louisiana businesses, individuals taxed; here’s what we know
Gov. John Bel Edwards wants to dramatically revamp Louisiana’s tax system when the Legislature meets next month by replacing the current corporate tax on income with a corporate tax on sales, according to administration officials.
Many economists applaud the proposal, saying it would level the playing field by eliminating most corporate tax breaks and exemptions that cause businesses to pay different tax rates. Some companies take advantage of so many tax loopholes that state government winds up sending them a check.
“It’s a much more fair approach,” state Sen. Rick Ward, R-Port Allen, who has studied the proposal, said in an interview. “It’s extremely simple. Your corporate tax return could be done on a simple sheet of paper”…