The Tax Foundation, an independent national tax policy organization, recently released a new report on individual income taxes. Its study found that Louisiana’s top income tax rate is higher than what you see in most of the southern and regional states we compete with for jobs. That doesn’t sound encouraging, but as is often the case, there’s more to that story than meets the eye, and it’s something we can fix.
Louisiana’s pension systems had an imposing level of debt, amounting to about $18.2 billion and representing lower funding levels than many other states in 2017, a new report has found.
But the state has shown some signs of progress in its ability to pay down that debt – called “unfunded accrued liabilities” or UAL – which has dragged on Louisiana’s budget for years, according to the Pew Charitable Trusts’ annual report on state pensions.
