March 18, 2016

American Press: Where did Louisiana go wrong?

media mention

“Semuels talked with Carl Davis, the research director of the Institute on Taxation and Economic Policy. She said Davis told her state legislatures are making decisions about taxation that “don’t jive with the 21st-century economy.” Illinois is one of eight states with a flat income-tax rate. It was 5 percent, but was lowered to 3.75 percent in 2015. Semuels said that means someone making $500,000 a year in Illinois would pay 3.75 percent in taxes, and someone making $50,000 would also pay 3.75 percent. She said Minnesota, by contrast, taxes its lowest income bracket at 5.35 percent and taxes people making more than $258,261 at 9.85 percent. Oklahoma cut its top tax rate of 6.65 percent in 2003 to 5.5 percent in 2009 and to 5 percent currently. Davis said that reduced revenues by $1 billion.”

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