• Flood Insurance, Helene Aftermath, Landry Flat Tax Proposal

  • Oct 4 2024
  • Length: 54 mins
  • Podcast

Flood Insurance, Helene Aftermath, Landry Flat Tax Proposal

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  • Summary

  • Hy and Christopher begin by recounting the lonely bipartisan struggle that has been carried by Congressman Troy Carter (D-New Orleans). While his Louisiana Republican colleagues have been firmly behind him in his fight to convince DHS Sec. Alejandro Mayorkas not to approve the new FEMA maps that would drastically increase flood insurance costs, few Democrats or Republicans on the national level have agreed.

    Projected increases in flood insurance cost for those outside of hurricane protection defenses under the National Flood Insurance Program (NFIP) are endangering the very existence of many coastal communities in Louisiana. Insurance costs are jumping to $20,000 per year for $100,000 home. Acadian towns like Chauvin are becoming depopulated and nobody either in the Biden or the previous Trump administration has cared

    Carter has conducted a lonely fight along with Steve Scalise, Garrett Graves, and Mike Johnson to bring attention to this critical problem. Hy and Christopher lament the lack of progress, and ask the audience to get involved.

    Our hosts continue to talk about the flooding in Asheville and Western North Carolina. Most people don’t realize that the area bears a striking resemblance to New Orleans in so far is that it is a bowl, and when floodwaters enter, they are very slow to leave. The example also emphasizes the fact that flood insurance is something that can affect everyone, from the coasts to the mountains.

    Later in the show, we talk about how LSU has benefited remarkably in the last couple of years from students matriculating from the northeast and from far out of state. Since 2/3 of college graduates tend to live near their campuses, we have to create new jobs to keep these bright minds in Louisiana. Elimination of the film, live performance, digital, music, and quality jobs tax credits could stop that potential job creation cold.

    The governor’s proposal for a flat tax eliminates those job creating tax credits. Jeff Landry doubled down on that proposal at the House Ways and Means committee meeting last Thursday, Oct 3, 2024 proposing a 3 percent flat tax on individuals, and a 3.5 percent flat tax on corporations. The administration also proposed elimination of the corporate franchise tax and major modifications to the inventory tax.

    Likewise, in order for Louisiana also to cover the loss of the $455 million in revenue produced from .45 percent sales tax expiring next year, Landry hopes to the legislature to eliminate nearly every tax benefit which goes to the cultural economy as well as many areas of industrial economic development— including the quality jobs credit. Could throwing out “the baby with bathwater” be the economic result of the tax reform?

    We can include the show talking about the visit of famed Churchill biographer Sonia Purnell to the Garden District Book Shop on Sunday, October 6 at 4 pm. She is premiering her new book on Pamela Churchill Harriman Kingmaker. The event is free and open to the public. For more information call (504) 895-2266 or visit The Garden District Book Shop website.
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