METAIRIE, La. (WGNO) — State Treasurer John Fleming stopped by the WGNO New studio on Tuesday, July 9, to speak about a wide range of subjects. First, Fleming addressed what some are calling a fiscal disaster.
“There’s a so-called fiscal cliff, not a disaster, however a cliff that with contracting slightly bit in areas which might be actually wasteful spending anyway, we must always simply get by with none issues,” Fleming mentioned.
Subsequent yr, a 0.45% gross sales tax will expire within the state that was put in place through the John Bel Edwards administration. By some estimates, the state might lose $400 million in income, or extra. Renewing the tax would keep away from and cuts required to soak up it.
“I really feel like that by decreasing spending slightly bit, contracting authorities just a bit bit, and the governor is caring for that, we’ll have the ability to simply get by with out having to resume that gross sales tax,” Fleming informed WGNO Information.
Fleming additionally mentioned that the state is making good investments which might be producing income.
“For example, we simply bought $10 million of Israeli bonds to assist our mates in Israel of their battle towards terrorism. We’re getting wonderful return on that funding, 5.36% on these bonds,” Fleming mentioned.
Fleming calls the state’s reserve funds “plump” and says {that a} current enhance in Louisiana’s bond ranking from AA- to AA, permitting the state to borrow cash at decrease rates of interest.
Fleming additionally touted the state’s current transfer to gold and silver declared as authorized tender within the state. “We all know that valuable metals is usually a hedge towards inflation, which damage the folks that are within the decrease revenue stream in addition to these on fastened incomes.”
However Fleming says that the preferred program his division runs is Unclaimed Property which seems to return cash owed to folks within the state. Fleming says the state has $1 billion or extra in unclaimed insurance coverage funds, tax refunds, utility deposits and different monies. This yr, he is returned about $5 million {dollars} to greater than 27,000 folks. Fleming is urging everybody to verify right here to see in the event that they’re additionally owed any cash.
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