John Kennedy, Louisiana State Treasurer
BATON ROUGE – The new state budget that takes effect Friday is the second largest budget in Louisiana history and contains the largest amount of tax increases ever, according to State Treasurer John Kennedy.
“Over the course of 365 days, the Louisiana Legislature raised $2.4 billion in taxes and fees,” said Treasurer Kennedy. “I don’t need to remind Louisianians that these tax increases arrive during an especially weak economy. The oil and gas industry is in a depression, and north Louisiana is still reeling from devastating floods. We also have the third highest unemployment rate in America.”
State spending in Louisiana’s operating budget that takes effect on Friday has increased 31% since 2010. The most recent U.S. Census Bureau data ranks Louisiana as No. 1 in the South for state and local spending per capita.
“Louisiana is in a league of its own now, and not in a good way,” said Treasurer Kennedy. “We cannot tax ourselves into prosperity. History will prove this point as more businesses fold and more families suffer. I’ve said it before, and I’ll say it again. We have a spending problem.”