North Carolina
North Carolina Budget & Tax Center: Key Concerns with House Bill 998
June 14, 2013
House Bill 998 proposes to cut tax rates with the goal of shifting to a consumption-based tax system. The legislation will result in a tax shift away from wealthy taxpayers and profitable corporations and towards middle- and low-income taxpayers while taking in less money for critical public services. Read the Full Report
North Carolina Budget & Tax Center: North Carolina’s Tax Shift Saga Continues
June 14, 2013
North Carolina’s House leadership has thrown its hat into the tax shift ring with a plan that would increase the tax load on middle- and low income tax-payers while providing the wealthy and profitable corporations a tax cut. The House plan would convert North Carolina’s personal income tax to a flat rate, while making North […]
North Carolina Budget & Tax Center: Analyzing the Impact of Tax Changes – Economic Incidence Analysis a more accurate measure of how taxpayers will fare
June 14, 2013
Policymakers need accurate information in order to make informed policy choices. And the general public, too, should know what is at stake when their elected officials propose tax changes. That is why it’s so important to have data on how the proposed tax changes in North Carolina will impact actual taxpayers in the state. The […]
North Carolina Budget & Tax Center: HB 998 is a tax shift: Millionaires will benefit while low-and middle income will pay
June 14, 2013
RALEIGH (June 7, 2013) — The House today gave tentative approval to a tax plan that will shift the tax load to low- and middle-income taxpayers, give the wealthiest taxpayers a tax cut and put our public investments at risk. During today’s floor debate of HB 998, the House tax reform bill, there seemed to […]
North Carolina Budget & Tax Center: House’s Flat Income Tax a Windfall for the Wealthy
June 14, 2013
The tax plan under consideration by the North Carolina House of Representatives would create a single income tax rate – known as a flat tax – that will shift taxes from the wealthy onto others. Proponents claim that doing away with the three rates North Carolina currently has, which rise along with income, is fair […]
North Carolina Budget & Tax Center: Gambling Away Our Future
June 14, 2013
New Senate Tax Plan risks North Carolina’s long-term growth to give tax cuts to the wealthy and profitable corporations THIS WEEK THE SENATE INTRODUCED ANOTHER TAX PROPOSAL. The new proposal, like all the others, is about massive tax cuts for the wealthy and profitable corporations, not tax reform. The Senate plan would cost more than […]
The Progressive Pulse: 90% of benefits from Corporate Income Tax repeal to go out of state
June 13, 2013
(Original Post) Post on June 12, 2013 by Allan Freyer One of the most eye-popping parts of the Senate tax reform plan is the proposed elimination of the state’s Corporate Income Tax, for a cost of $1 billion in foregone revenue each year. Although Senate leaders have expressed high hopes for the economic benefits of […]
The Progressive Pulse: Blowhard lobbyist for corporations and the rich in town to promote tax increases on average North Carolinians
May 17, 2013
(Original Post) Post on May 16, 2013 by Rob Schofield How low have things sunk in the Raleigh policy debate? This low: A front group for corporations and greedy billionaires is bringing a has-been Washington lobbyist to town to promote higher taxes on poor and middle class North Carolinians and some are calling it a […]
WFAE: N.C. GOP Leaders Unveil Plan To Cut, Expand Taxes
May 8, 2013
(Original Post) 5:13 pm, Tue May 7, 2013 By Michael Tomsic “The largest tax cut in North Carolina history.” That’s how Republican state senate leaders describe the tax plan they unveiled Tuesday. But that plan also expands the sales tax to many more services. Senate leader Phil Berger said the GOP plan will cut […]
Charlotte Observer: On N.C. state sales tax, a special deal for many businesses
April 30, 2013
By Dan Kane [email protected] Posted: Monday, Apr. 29, 2013 In the thick of the Great Recession four years ago, state lawmakers fought into the evening over a proposed one-penny increase in the state’s sales tax to prevent further cuts to schools, courts and health care services. House Minority Leader Paul “Skip” Stam grabbed the microphone […]
North Carolina Justice Center: Profiles in corporate tax avoidance- Duke Energy
April 12, 2013
Duke Energy at a glance Largest electric power holding company in the U.S.; serves vast majority of NC electric consumers Assets: $114 billion 2012 Profits: $1.792 billion Net 2012 tax rate: -2.6% (rebate of $46 million) 2008-12 profits combine: $9.1 billion Net 2008-12 tax rate: -3.3% ($299 million in total rebates) Read the Full Report
North Carolina Justice Center: Profiles in corporate tax avoidance- Merck
April 12, 2013
Merck & Co. at a glance One of the largest pharmaceutical companies in the world; key player in global vaccine production and distribution. 2012 Sales: $14 billion 2012 Assets: Total assets of the Merck Group—$28.3 billion Total Profits 2008-12: $19.6 billion Profits held offshore: $53.4 billion as of 2012 ($22.2 billion added betweem 2008 and […]
North Carolina Justice Center: First Comprehensive Tax Legislation Would Not Protect Low- and Middle-Income Taxpayers from Tax Increases
April 3, 2013
80 percent of taxpayers would see slightly higher taxes under the first comprehensive tax legislation introduced this legislative session, while the top 1 percent of earners would get a tax cut. The proposal threatens to erode resources for schools, health care and other services North Carolina needs to be economically competitive. The proposal (Senate Bill […]
North Carolina Jusice Center: North Carolina’s Business Tax Deduction – Who Benefits?
March 27, 2013
In the 2011 budget, the North Carolina General Assembly created a deduction for the first $50,000 in non-passive income for businesses filing through the personal income tax. Proponents of the temporary tax break intended it to provide tax relief to small businesses and support job creation. However, in recent months there has been considerable debate […]
Charlotte Observer: Will reform unfairly target the vulnerable?
February 21, 2013
By Meg Wiehe Special to the Observer Posted: Tuesday, Jan. 29, 2013 By all accounts, North Carolina’s tax system will come under heavy scrutiny this year. Gov. Pat McCrory and House and Senate leadership have signaled their intentions to overhaul the way the state collects revenues necessary to pay for public investments. But while there […]
Charlotte Observer: State Sen. Bob Rucho says North Carolina tax system needs an overhaul
February 21, 2013
By Jim Morrill [email protected] Posted: Saturday, Feb. 02, 2013 RALEIGH Republican state Sen. Bob Rucho is screening his PowerPoint to yet another audience, watching slide after slide build a case for changing North Carolina tax law. All the charts and numbers add up to one conclusion: A tax system built during the Great Depression doesn’t […]
WFAE: As N.C. Considers Tax Overhaul, How Does Current System Work?
February 21, 2013
(Original Post) By Michael Tomsic Governor Pat McCrory and state lawmakers are considering major changes to North Carolina’s tax structure. So we decided to take a closer look at a report released Wednesday detailing the effective tax rates currently in place. It’s from the liberal-leaning Institute on Taxation and Economic Policy in Washington, D.C. […]
Jefferson Post: The rigged debate on tax reform
January 30, 2013
by Chris Fitzsimon N.C. Policy Watch The current debate over tax reform in North Carolina is the latest reminder of how far out of the mainstream some of the political leadership of the state now is. But it’s also serving a practical purpose for those on the Right who understand the benefits for their own […]
WRAL: McCrory still open to dumping state income tax
January 30, 2013
(Original Post) By Laura Leslie Posted: January 24Tags: Pat McCrory, Taxes, Art Pope, Budget and Tax Center Raleigh, N.C. — Despite the reservations of his budget director, Gov. Pat McCrory said Thursday that he still wants to look at the possibility of eliminating North Carolina’s income tax. Republican Senate leaders have proposed replacing the personal […]
WUNC: Deputy Budget Director Distances Himself From Tax Code Idea
January 25, 2013
(Original Post) Politics & Government5:32 pmThu January 24, 2013 By Jessica Jones It’s clear that North Carolina’s political leaders want to make big changes to the state’s tax code, but exactly what route they’ll choose to follow has been called into question. At a journalist roundtable yesterday, deputy budget director Art Pope distanced himself […]
More Inaccuracies, Bigger Omissions: Arthur Laffer’s Newest Study of Income Tax Repeal Falls Short
January 23, 2013 • By Carl Davis
Arthur Laffer's consulting firm--Arduin, Laffer & Moore Econometrics (ALME)--has released a report purporting to show that North Carolina could usher in an economic boom if it repeals its personal and corporate income taxes and replaces them primarily with a much larger sales tax. Prepared for the Civitas Institute, "More Jobs, Bigger Paychecks" relies on an economic analysis that is fundamentally flawed to the point of making it entirely useless.
North Carolina Justice Center: A “Laffable” Plan for Tax Reform
January 23, 2013
EXECUTIVE SUMMARY This tax plan, if implemented, will provide the wealthiest 20 percent of taxpayers a significant tax cut, which would be paid for by increasing taxes on 60 percent of the state’s taxpayers, primarily middle- and low-income taxpayers. The plan eliminates the personal income, corporate income and franchise taxes, which, combined, generate $12 billion […]
The American Independent: The conservative push to end NC’s income tax
January 22, 2013
Siddhartha Mahanta | 01.18.13 | 4:33 pm | Republish posted in Economy/Finance | Government Accountability/Reform | Politics Republicans in North Carolina haven’t had it this good since 1870. That’s the last time they controlled both the state’s legislative and executive branches. And they’re getting right down to business, pledging in interviews with local papers to […]
Indy Week: Republicans propose eliminating income tax, expanding sales tax
January 16, 2013
(Original Post) by Will Huntsberry @willhuntsberry Republican leaders believe North Carolina is sick and they have the cure. The most vital remedy, they believe, is tax reform. Personal and corporate income tax make up roughly 60 percent of annual state revenues. The plan is to eliminate these taxes, or at the very least, slash them […]
Think Progress: North Carolina Mulls Taxing The Poor To Pay For Tax Cuts For The Rich
January 16, 2013
(Original Post) By Pat Garofalo on Jan 14, 2013 at 9:25 am Gov. Bobby Jindal (R-LA) last week tentatively endorsed a plan that would eliminate his state’s income and corporate taxes, replacing them with an increased sales tax. Such a move would disproportionately impact the poor, in a state where the tax code is already […]
