Jump to content


Photo
* * * * - 1 votes

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


  • Please log in to reply
97 replies to this topic

#1 g5jamz

g5jamz

    Is back

  • HUDDLER
  • PipPipPipPipPipPipPipPipPip
  • 18,422 posts

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

GOOGLE RON PAUL

    fleet-footed poster

  • HUDDLER
  • PipPipPipPipPipPipPipPipPip
  • 4,140 posts

Posted 15 July 2013 - 04:02 PM

supply side economics does not work



#3 g5jamz

g5jamz

    Is back

  • HUDDLER
  • PipPipPipPipPipPipPipPipPip
  • 18,422 posts

Posted 15 July 2013 - 04:04 PM

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



#4 Panthro

Panthro

    aka Pablo

  • Moderators
  • 23,822 posts

Posted 15 July 2013 - 04:13 PM

haves and have not



#5 Niner National

Niner National

    Senior Member

  • HUDDLER
  • PipPipPipPipPipPipPipPipPip
  • 3,443 posts

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

Delhommey

    Moderator

  • Moderators
  • 12,552 posts

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

GOOGLE RON PAUL

    fleet-footed poster

  • HUDDLER
  • PipPipPipPipPipPipPipPipPip
  • 4,140 posts

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

NanuqoftheNorth

    Frosty Alaskan Amber

  • HUDDLER
  • PipPipPipPipPipPipPipPipPip
  • 4,395 posts
  • LocationAlaska

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

Peppers90 NC

    Senior Member

  • HUDDLER
  • PipPipPipPipPipPipPipPipPip
  • 9,558 posts

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

Panthro

    aka Pablo

  • Moderators
  • 23,822 posts

Posted 15 July 2013 - 04:47 PM

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

 

 

JERBS!!!



#11 PhillyB

PhillyB

    that jungle football

  • ALL-PRO
  • 20,065 posts
  • Locationthird spur east of the sun

Posted 15 July 2013 - 06:21 PM

if tax revenue remains the same and the uppermost tiers of income earners are getting tax breaks this means the deficit is being made up by the _____________



#12 Delhommey

Delhommey

    Moderator

  • Moderators
  • 12,552 posts

Posted 15 July 2013 - 06:27 PM

What is "People who are also most affected by the reduction in government services?"

 

I'll take "Why Trickle Down Economics Is BS" for $800



#13 NanuqoftheNorth

NanuqoftheNorth

    Frosty Alaskan Amber

  • HUDDLER
  • PipPipPipPipPipPipPipPipPip
  • 4,395 posts
  • LocationAlaska

Posted 15 July 2013 - 06:33 PM

This reminds me a lot of 30 years ago when President Reagan instituted trickle down tax cuts for the rich and the supporters said, "wait a few years, you'll see".

 

30 years later and we're still waiting.



#14 Vampire the buffet slayer

Vampire the buffet slayer

    Fat Alice's Dietitian

  • HUDDLER
  • PipPipPipPipPipPipPipPipPip
  • 2,265 posts
  • Locationunder an aluminum hat

Posted 15 July 2013 - 06:41 PM

This reminds me a lot of 30 years ago when President Reagan instituted trickle down tax cuts for the rich and the supporters said, "wait a few years, you'll see".

30 years later and we're still waiting.




Just take a look at the unemployment rate when he came in office and when he left.


And he didn't even have an economic boom created by the internet bubble to take credit for.

#15 Vampire the buffet slayer

Vampire the buffet slayer

    Fat Alice's Dietitian

  • HUDDLER
  • PipPipPipPipPipPipPipPipPip
  • 2,265 posts
  • Locationunder an aluminum hat

Posted 15 July 2013 - 06:43 PM

Cuz the peanut farmer Jimmy Carter was doing such a great job, Half a mile lines for gas, Unemployment at record highs since the Great Depression, And not to mention how he made America look like a pussy during iran-contra.


0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users

Shop at Amazon Contact Us: info@carolinahuddle.com