It wasn’t that long ago when the very same people who are now lambasting the General Assembly for broadening the sales tax base were saying that raising the sales tax rate on everybody was a good idea. In fact, they liked increasing the sales tax so much they tried to do it twice in just […]
This year’s tax reform efforts will lead to a tax cut for the average North Carolina household in every income category. The benefits from these changes will more than compensate for any minor expansions of the sales tax base or the end of the state’s Earned Income Tax Credit (which amounts to an average of […]
The Revenue Laws Study Committee, a bipartisan group comprised of members of both the House and Senate, met early this morning to discuss what are known as “privilege license taxes.” A privilege license tax is an additional fee that’s imposed on business owners by city governments for the “privilege” of either locating a business within a […]
Tax Reform Means Savings to All NC Income Groups The average North Carolina household in every income category received a tax cut from the 2013 tax reform. In 2015 households earning less than $25,000 will have $79 million in tax savings from the 2013 tax reform. Households earning less than $50,000 will save more than […]
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During the month of November, House and Senate members return to Raleigh to resume their specific studies during the interim. This month, subcommittees began reporting their findings as members had an opportunity to examine, critique and offer refinements to existing law. Joint Legislative Economic Development and Global Engagement Oversight Committee The Joint Legislative Economic Development […]
On July 23, 2013, Governor McCrory signed into law landmark legislation that cuts income tax rates for all North Carolina’s taxpayers — and replaces the existing complicated system with a single Flat Tax. With the already lower state sales tax rates passed last session, it’s estimated that this year’s tax reform efforts will save North […]
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Governor Pat McCrory, Senate President Pro Tempore Phil Berger (R-Rockingham) and House Speaker Thom Tillis (R-Mecklenburg) announced late this afternoon they have reached a historic agreement on tax reform. North Carolina has the fifth-highest unemployment rate in the country and needs tax reform to compete with neighboring states for job creation. Tax Reform Proposal Highlights […]
The House has introduced legislation that cuts income tax rates for North Carolina’s taxpayers — and replaces the existing convoluted system with a simple and fair flat tax. The plan also lowers state sales tax rates while broadening the base of covered services. It’s estimated that the House’s tax reform plan will save taxpayers $1.9 […]