News alert: Barfield says businesses will pay slightly more after tax reform
According to Gov. Bobby Jindal’s office, individuals and families at all tax brackets will benefit from the governor’s proposed tax overhaul. So in a revenue-neutral tax swap, that means businesses would pay more. “Businesses will be bearing much of the cost of the changes,” says Tim Barfield, head of the Louisiana Department of Revenue. There will be a “reallocation of the tax burden” through a higher sales tax rate and a sales tax base that is broadened to include a number of services not currently taxed, he says. “There will be a slight increase across the board to businesses,” he says. “But it will be predictable, it will be transparent, and it will be clear.” Also, owners and employees will be relieved of having to pay income taxes, which will help in attracting talent, he says. Jindal wants to eliminate personal and corporate income taxes, along with corporate franchise taxes. –David Jacobs
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