GOP tax law leads to a tax hike, more revenue in some states
BATON ROUGE, La. - A tax overhaul is giving most Americans a break on their federal income taxes. But fallout from the same law means many people could actually see their state income taxes rise.
That creates a conundrum for Republican leaders. Do they stay true to their party's long-standing tax-cut philosophy or use the extra money to balance budgets and fund other spending priorities?
In Louisiana, the state is expecting $300 million more in the budget year that starts in July. The GOP-controlled legislature there hasn't considered cutting taxes at a time when the state is facing a $1 billion shortfall.
Of the extra tax revenue coming to Louisiana's budget, Republican state Rep. Tanner Magee says it's "like a gift from God."
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