If you like lower taxes, more jobs, and greater fiscal stability, vote “Yes” on Constitutional Amendment 2 on Nov. 13.
Lower taxes, because the amendment will drop our top personal income tax rate from 6% down to 4.25%.
More jobs, because companies flock to states with lower income tax rates. See Tesla’s recent announcement of moving its headquarters from California to Texas.
Greater fiscal stability because, with our current system’s use of federal tax deductibility, when tax rates go up in Washington, D.C., revenues drop in Louisiana — in a manner beyond our control.
The amendment will get rid of federal deductibility, an arcane deduction used only by Louisiana and one other state. In exchange, we will get the fourth-lowest top rate in America (amongst states that charge income tax). The net result is that 90% of Louisianans will pay less taxes.
So, what’s not to like in CA2? If you like lower, fairer, simpler taxes — and new jobs — then not much.
A “Yes” on Constitutional Amendment 2 is common sense for the common good.
president & CEO, Greater New Orleans, Inc.