it would affect 700 to 800 people in the whole country every year. catherine rampell and john leiber, former adviser to mitch mcconnell. catherine, this is important for two reasons. it is possible this is one of the last missing links for democrats on how to pass their agenda. the second part, this is a very, very different and very major tax overhaul. how exactly do you see it? i think what happened is as much as democrats like to tax the rich and corporations, it had gotten cold field on all the ways to tax the rich and corporations. they have ruled out a number of pretty targeted proposals, eliminating the step up basis, or raising tax rates on
chamber. she told me it would be outrageous if democrats did not include raises in the corporate tax rate or on the individual side of things on wealthy americans because she said, look, this is a popular provision. this is what we have campaigned on since republicans passed their tax overhaul in 2017. so it would be a massive concession, and yet, the house speaker noted today at her press conference that there are potentially other opportunities to pay for this bill. here s what she said. well, that s one of the options. that s for sure. the last couple of days, just to answer your question, the last couple of days we ve come to narrowing what the possibilities are as we see what we need to cover because the bill will be paid for. reporter: and behind the scenes, senator sinema has been making it clear that she had issues with increasing the corporate tax rate but there had been a feeling among some senate democrat leaders as well as the white house officials that perhaps she woul
by David Jacobs, The Center Square | June 03, 2021 10:00 AM Print this article
The Louisiana Senate approved two bills Wednesday that would eliminate major tax breaks while lowering income tax rates.
The bills are part of a package legislative leaders are pushing to overhaul the state’s tax system.
Personal income is taxed in Louisiana at 2% for the first $12,500, 4% on the next $37,500 and 6% on net income in excess of $50,000. House Bill 278 calls for reducing the rate for each bracket to 1.85%, 3.5% and 4.25%, respectively.
In exchange, taxpayers would give up the ability to deduct the cost of paying their federal income taxes from their state income. Individuals also would lose excess itemized deductions except for medical expenses. The rates could be driven lower if the state collects enough money.
The Louisiana House overwhelmingly advanced a state constitutional amendment proposal Thursday that fell four votes short of passage less than 24 hours before.
tax cut, a., the economy has to be in some real trouble, and, b., it will require frankly recalibrating the tax cut that the republican congress passed just two years ago. i was asking one 2020 candidate earlier about this. john delaney would not say definitively that he would not support a payroll tax cut because you bring up the republican tax overhaul but this is a payroll tax cut. the idea being that this might help a lot of people who support democrats, who have who have your ear. what would you say to them, especially considering president obama signed a payroll tax cut in 2020 and he thought it was a good idea then and why isn t it a good idea now? well not all tax cuts are the same. and you have to look at the current state of the economy. mr. trump can t have it both ways. an additional stimulation to an