WATCH Governor-Elect Edwards talks possible tax increase
BATON ROUGE - Governor-Elect John Bel Edwards gave some indication Monday about a possible plan to raise taxes to fill Louisiana's budget deficit.
Specifically he would be in favor of eliminating some income tax deductions for individuals and corporations while lowering income taxes overall. Edwards said people would pay a little more in taxes.
"On the individual income tax side, we would give up the deduction for federal tax liability, the net capital gains exclusion, and the excess itemized deductions," said Edwards.
The governor-elect said tax increases will only come after cuts to state government have been exhausted.
Edwards official budget plan is expected to be released in the coming weeks.
Louisiana is facing a $2.65 billion budget deficit. As it is now funding for Medicaid, TOPS, and public schools could run out by spring.