Post by Logan on Jun 5, 2016 19:19:00 GMT -6
BATON ROUGE -- Financial experts say state lawmakers have few quick sources of cash to solve budget problems left unresolved after their regular session ends this evening.
But one of the the possibilities during the 18-day special session that starts immediately afterward is the state's income tax rates.
Louisiana's highest income tax bracket -- 6 percent -- is comparable to states like Alabama, Arkansas, Georgia, Kentucky, Mississippi and South Carolina, all of which have a top bracket of 5 percent to 7 percent.
But Louisiana's highest bracket for married filing jointly doesn't kick in until $100,001 of taxable income, a much higher threshold than most of those other states. An individual taxpayer hits the top bracket at $50,001 of taxable income, also considerably higher than peer states in the South.
Read more: www.houmatoday.com/article/20160605/ARTICLES/160609830/1319?Title=State-lawmakers-may-consider-income-tax-increase-
But one of the the possibilities during the 18-day special session that starts immediately afterward is the state's income tax rates.
Louisiana's highest income tax bracket -- 6 percent -- is comparable to states like Alabama, Arkansas, Georgia, Kentucky, Mississippi and South Carolina, all of which have a top bracket of 5 percent to 7 percent.
But Louisiana's highest bracket for married filing jointly doesn't kick in until $100,001 of taxable income, a much higher threshold than most of those other states. An individual taxpayer hits the top bracket at $50,001 of taxable income, also considerably higher than peer states in the South.
Read more: www.houmatoday.com/article/20160605/ARTICLES/160609830/1319?Title=State-lawmakers-may-consider-income-tax-increase-