Jump to content

Archived

This topic is now archived and is closed to further replies.

g5jamz

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

Recommended Posts

g5jamz    1,111

http://www.wral.com/house-senate-and-governor-reach-tax-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.

 

 

Share this post


Link to post
Share on other sites




NanuqoftheNorth    7,811

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!

Share this post


Link to post
Share on other sites
Peppers90 NC    3,014

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

the latter is way too difficult for the incompetents 

Share this post


Link to post
Share on other sites
PhillyB    40,338

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 _____________

Share this post


Link to post
Share on other sites
Delhommey    2,796

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

Share this post


Link to post
Share on other sites
NanuqoftheNorth    7,811

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.

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

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.

  • Pie 1

Share this post


Link to post
Share on other sites

×