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Monday, 04 October 2010 14:15
Louisiana, US To Pay Price For Obama's Tax Plan
Written by  {ga=staffwriters}

The Heritage Foundation, a D.C.-based policy institute, has released a scathing report on the prospect of income tax increases for the coming year. The authors contend that while high income households may be targeted, everyone will pay the price through lower economic growth and fewer employment opportunities. In the case of Louisiana, they project that the approximately $5 billion increase in total tax revenue over the next ten years would cost the state an average of over 9,000 lost jobs each year for the next decade.

The tax increases would come about by letting some of the 2001 and 2003 tax cuts expire, which President Barack Obama has already publicly called for. Additionally, the “death tax” is set to re-emerge at a rate of 55 percent, with a $1 million exemption. According to the White House, these increases would be assigned to the “wealthiest two percent of families” – those households or businesses earning more than $250,000 per year – as part of a “comprehensive tax policy plan.”

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