state income tax

N.C. Senate Republicans' tax overhaul plan

From the Fayetteville Observer
By Gary D. Robertson
The Associated Press

RALEIGH - Senate Republicans unveiled details about their long-awaited tax overhaul proposal Tuesday, saying that lower income tax rates and expanding the scope of the sales tax is fair to all, will boost the state's economy and cut taxes for most people. But critics say lower-income people will pay more overall.

The three-year plan would reduce individual and corporate income tax rates as well as cut the combined state and local sales tax that consumers in most counties pay from 6.75 percent to 6.5 percent. The plan would eliminate the estate tax.

But the overhaul would make North Carolina's sales tax base one of the broadest in the country by eliminating exemptions and expanding it to apply to most services
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NC GOTP, facts, we don't need no stinking facts

A new report from the Institute on Taxation Policy shoots holes through DAG McCrory's desire to abolish the state's income tax as a means to boost the states economy.

The report found that the nine states that currently do not have income tax grew 37% slower per capita than states with high state income taxes.

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