The National Federation of Independent Business is looking forward to Republican Jeff Landry taking over as governor in January and they hope he’ll urge the state legislature to cut taxes. NFIB state director Dawn McVea says states surrounding Louisiana are already in the mode of reducing the tax burden.
“Our neighboring states are all finding ways to cut taxes and not asking questions like we might not have money later,” said McVea.
McVea says Louisiana can afford the tax cuts, because for the last few years, state revenues continue to produce hundreds of millions of dollars in state surpluses. She says tax reductions would really benefit small businesses and their employees.
“They can either expand employee benefits, create new jobs, expand their business all together, create a new location or grow their location,” said McVea.
When a new Legislature convenes next year some lawmakers will oppose cutting taxes, because the state’s sales tax is expected to drop .45-percent in 2025. But McVea says it’s possible legislators can cut taxes to boost the economy and allow the temporary state sales tax to expire.
“We can get our tax code in the right position to do the things we need to do, then maybe we can have it roll off and not need it and there wouldn’t be a fiscal cliff that we would be so afraid of,” said McVea.
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