PSC Commissioner Foster Campbell
Chatter in political circles is growing about possibly ending Louisiana’s state income tax. State lawmakers have agreed to twice-monthly meetings on tax reform, and income tax is chief among the topics. Public Service Commission member Foster Campbell says it can be done simply and easily, by replacing the severance tax on oil brought out of the ground with a processing tax on oil processed or refined.
“They process 98% foreign oil and 2% Louisiana oil and we tax the 2%,” said Campbell.
Foster’s plan would replace the annual billions lost in income tax revenue by a moderate tax on oil processed within the state; domestic and imported. He says imported oil accounts for over 90-opercent of what’s processed in the state and it could be a serious revenue generator.
Campbell says Texas, Florida & Tennessee are outpacing Louisiana in business, revenue and population growth, and what they have in common is no income tax. He says, if lawmakers push it through and send a Constitutional Amendment to voters, the income tax will end and the state can move forward. He urges Governor John Bel Edwards to be a leader in the effort.
“He’s got a year left and then he can’t run, we’ll have a new governor, don’t worry about the fall out, do the right thing and let’s set the state on a straight path,” said Campbell.
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