Post by pavel on Jan 15, 2016 22:59:29 GMT -6
The menu of options Gov. John Bel Edwards will consider to bring the budget under control includes tax increases, according to a report released Friday by the governor’s transition committee on fiscal matters.
The advisory committee listed a number of ideas to help state government handle a $1.9 billion shortfall in revenues for this fiscal year and next while stabilizing the state’s financial structure for the future. The advisers stressed the ideas are just options from which budget architects can pick and choose.
Among the revenue-raising thoughts is returning to the higher tax brackets adopted in the Stelly Plan but rolled back by the Legislature in 2008.
Stelly was approved by voters but was unpopular with many. It lowered sales taxes on certain items but raised income taxes by expanding the tax brackets. Changing the brackets, which lowered income taxes, without raising the sales taxes again cost the state about $1 billion a year.
Read more: theadvocate.com/news/14586753-133/edwards-advisory-team-includes-tax-increases-in-its-report
The advisory committee listed a number of ideas to help state government handle a $1.9 billion shortfall in revenues for this fiscal year and next while stabilizing the state’s financial structure for the future. The advisers stressed the ideas are just options from which budget architects can pick and choose.
Among the revenue-raising thoughts is returning to the higher tax brackets adopted in the Stelly Plan but rolled back by the Legislature in 2008.
Stelly was approved by voters but was unpopular with many. It lowered sales taxes on certain items but raised income taxes by expanding the tax brackets. Changing the brackets, which lowered income taxes, without raising the sales taxes again cost the state about $1 billion a year.
Read more: theadvocate.com/news/14586753-133/edwards-advisory-team-includes-tax-increases-in-its-report