SHREVEPORT, La. ( KTAL/KMSS ) – State Treasurer John Fleming said it is time for Louisiana to eliminate the personal income tax.
Treasurer Fleming said this was the best way to compete against Texas and states with similar laws. He said Louisiana is not doing great economically, and this tax is holding the state back from growth.
“So I think it is emblematic of the destination you want to move to because if you don’t have a personal income tax, you automatically see benefits moving forward. You know there is going to be jobs, job creation, and formation of capital investment in such states that have no personal income tax,” Fleming said.
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Fleming said a large number of people and companies are relocating to the South as it becomes a new economic hub. However, they bypass Louisiana and land in Texas , Tennessee , and Florida . He said those states do not have a personal income tax and believes eliminating it would benefit Louisiana.