Posted: Jun 7, 2011 8:51 AM by Lauren Wilson & AP
BATON ROUGE, La. (AP) - Senators are considering whether to
repeal Louisiana's personal and corporate income taxes.
The Senate planned a Tuesday afternoon debate on the idea by Democratic Sen. Rob Marionneaux, which would drain billions annually upon the complete removal of the taxes after 10 years.
Marionneaux is recommending the removal of other tax exemptions to cover some of the lost money, though exactly which ones are unclear so far.
The proposal has gained more traction than originally expected when the legislative session began. Marionneaux describes the effort as a way to keep younger residents from moving away and give people more money to spend boosting the economy. Critics say the state can't afford the revenue loss.
Gov. Bobby Jindal says he isn't taking the proposal seriously, but hasn't issued a veto threat.