Louisiana Gov. Bobby Jindal is proposing the complete elimination of income and corporate taxes in the state, and says he wants to replace the revenue by increasing sales taxes.The Times-Picayune reported that Jindal is in the process of fleshing out the tax reform proposal, the goal of which, according to a statement from the Governor’s office and given to the paper, “is to eliminate all personal income tax and all corporate income tax in a revenue neutral manner. We want to keep the sales tax as low and flat as possible.”
“Eliminating personal income taxes will put more money back into the pockets of Louisiana families and will change a complex tax code into a more simple system that will make Louisiana more attractive to companies who want to invest here and create jobs,” Jindal says in the statement.
“Tax reform will remove administrative burdens from families and small businesses and improve Louisiana’s business prospects; create more business investment opportunities with increased job growth; and raise the state’s profile in national business rankings,” the statement continues.
“The bottom line is that for too long, Louisiana’s workers and small businesses have suffered from having a state tax structure that is too complex and that holds back economic prosperity. It’s time to change that so people can keep more of their own money and foster an environment where businesses want to invest and create good-paying jobs.”
Jindal will meet with state legislators over the next few weeks to talk about the plan.
The Louisiana governor, who is also currently Chairman of the Republican Governors Association, is considered a likely presidential hopeful in 2016.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.