The AP is reporting that the North Carolina House has made available to them details of tax reform legislation they are working on. Following are the main highlights of the plan: The personal income tax would change from the current multi-bracket structure ranging from 6% to 7.75% to a flat 5.9% next year. Standard deductions would increase to exempt the [...]
Budget & Taxes Archives
The IRS, the Miami Heat and Obamacare
The IRS scandal is blowing up bigger every hour, but it’s important to remember why it’s important to rein in the government. Take the Cary man who says he was harassed by the Internal Revenue Service because he was active in the tea party movement. Beginning now, such claims have much more credibility; in fact, [...]
“Tax-Me-More” Bill Passes House Committee
A bill that would allow state taxpayers to make additional payments to state government won approval by a House Committee yesterday and now moves the House floor. Per WRAL: The measure, which next goes to the House floor, would require that the Department of Revenue include a box on North Carolina’s tax returns for those [...]
Taxpayer Bill of Rights Approved by House Committee
This year’s version of a Taxpayer Bill of Rights (TABOR) yesterday was approved by the House Committee on Government, and moves to the House Finance Committee. House Bill 274 would place limitations on the annual growth rate of the state budget, tied to a formula based upon inflation and population growth. I’ve written extensively on North [...]
Senate Tax Calculator Results Can Be Misleading
Predictably, the liberal response to yesterday’s tax reform announcement by Senate leaders was the plan represents a big break to the rich and will shift the burden to the poor. Such criticism is very static in nature and uses very flawed methodology as its premise. I discussed the issue previously here and here, and also [...]
