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North Carolina goes to a flat tax, other tax reforms too


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#1 g5jamz

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Posted 15 July 2013 - 03:58 PM

http://www.wral.com/...-deal/12664117/

 


The proposal will move North Carolina from 44th in total tax burden nationwide to 17th, Tillis said.

The measure replaces the three-tier personal income tax system with a flat tax of 5.8 percent in 2014, which drops to 5.75 percent in subsequent years. Standard deductions increase to $7,500 for single filers, $12,000 for heads of households and $15,000 for married couples.

 

Deductions for mortgage interest on first homes, something that had been a point of contention between the House and the Senate, will be capped at $20,000. Charitable contributions will remain fully deductible, and the state will continue to offer a child tax credit and exempt Social Security income from state taxes.

 

The corporate tax rate will be cut 29 percent in two years, from 6.9 percent now to 5 percent by 2015. If North Carolina meets revenue targets in the coming years, officials said, the corporate rate will drop even further, to 4 percent in 2016 and 3 percent in 2017.

The deal also repeals the estate tax, caps the state gas tax and preserves the sale tax refund for nonprofit groups.

 

 



#2 GOOGLE RON PAUL

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Posted 15 July 2013 - 04:02 PM

supply side economics does not work



#3 g5jamz

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Posted 15 July 2013 - 04:04 PM

Frees up county/localities to raise more revenue IF they want to for education. 



#4 Panthro

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Posted 15 July 2013 - 04:13 PM

haves and have not



#5 Niner National

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Posted 15 July 2013 - 04:15 PM

So is this part of the plan that will make me have to pay 6.75% sales tax on groceries?



#6 Delhommey

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Posted 15 July 2013 - 04:21 PM

Lowering taxes doesn't bring in good jobs. Creating better trained and educated employees does.



#7 GOOGLE RON PAUL

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Posted 15 July 2013 - 04:26 PM

Lowering taxes doesn't bring in good jobs. Creating better trained and educated employees does.

 

but poor education creates reactionaries. what's more important here?



#8 NanuqoftheNorth

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Posted 15 July 2013 - 04:40 PM

Lowering taxes doesn't bring in good jobs. Creating better trained and educated employees does.

 

Typical left wing secularist thinking.^^^

 

 

Thanks to the GOP, North Carolina is becoming a more blissful place to live!



#9 Peppers90 NC

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Posted 15 July 2013 - 04:46 PM

Lowering taxes doesn't bring in good jobs. Creating better trained and educated employees does.

the latter is way too difficult for the incompetents 



#10 Panthro

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Posted 15 July 2013 - 04:47 PM

maybe they can relocate those 3 walmarts in DC to NC...

 

 

JERBS!!!




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