There has been so much action at the federal government level in recent weeks that we almost overlooked some very good news from Baton Rouge, Louisiana late last week. This headline tells the story:
The tax plan, sponsored by Governor Jeff Landry, cuts the state income tax from 4.5% to a low flat rate of 3%.
Corporate income tax rates fall from 7.5% (one of the highest rates in the nation) to a flat 5.5%. The bill – which also eliminates the corporate franchise tax – was passed with a 38-1 vote in the Senate and a 90-9 vote in the House.
So while blue states are busy raising their income taxes, Louisiana has now joined a caravan of southern states slashing theirs.
Our hope at Unleash Prosperity, is to see the entire Southeast turn into a giant income-tax-free zone.