re: Return of the reverse Robin Hoods!
Louisiana Republican Governor – and potential 2016 presidential candidate – Bobby Jindal is pushing tax reform in his state. And, as you’d expect – it’s the sort of tax reform that gives the super-rich a hefty break – while raising taxes on the poor. Jindal wants to get rid of personal income and corporate taxes – and replace them with a higher sales tax.
According to an analysis by the Institute on Taxation and Economic Policy, this plan will raise taxes on the poorest 80% of Louisianans, while cutting taxes for the top 1%. To break it down, Jindal wants to hit the poorest 20% of taxpayers in his state with $395 a year in new taxes.
The middle 20% would be hit by $534 in new taxes. But the richest 1% would get a not-too-shabby tax cut of more than $25,000. This is trickle-down economics on steroids. And it demonstrates what billionaire Leona Helmsley once said, “We don’t pay taxes. Only the little people pay taxes.”