The Office of State Controller has posted its General Fund Monthly Financial Report for June; which is significant because it contains year-end summaries for actual revenue collections and expenditures for the 2009-10 fiscal year. Some notable data includes: Tax revenue collections totalled $17.7 billion for FY 2009-10, compared to the budgeted amount of $18.05 billion. Tax [...]
- Jul28
Senator Hagan still debating whether to support extending tax cuts
Senator Kay Hagan is on record now supporting continuing tax cuts set to expire if they only benefit the “middle class.” Our analysis shows all the cuts affect that population in some way. See the latest Civitas Report at the “Transparency” link above.
- Jul16
One sweepstakes parlor owner claims ban may not go into effect in December
Robert Earnhardt runs a sweepstakes parlor in the town of Franklinville, according to the Asheboro Courier-Tribune. The paper reports he asked the town board this week to reduce the taxes imposed on his business. Those privilege levies could bring in thousands of dollars of revenue for the town. The General Assembly approved a ban on [...]
- Jul14
State Taxes are Voluntary?
Apparently so, at least according to this News & Observer article. But it also may represent a fraying of the great American commitment to voluntary tax compliance. The state must figure out how to get a better handle on this problem. The definition of the word voluntary includes “without valuable consideration or legal obligation.” Oh, [...]
- 1Jun17
More Fees, Subsidies, and the Deliberative Deficit
It’s business as usual in the North Carolina Senate. Wednesday, the Senate Finance committee very summarily gave the nod to two bills that raise costs for North Carolina workers and keep businesses paying disproportionate taxes due to excessive subsidies. SB 1210, a bill sponsored by Sen. Hoyle (D – Gaston), which doubles the cost of [...]
- Jun17
State Senate committee passes video poker and sweepstakes ban
The Senate took a bill that came over from the House, gutted it and substituted language that would ban video poker and Internet sweepstakes cafes. House bill 80 was approved by the Senate Judiciary I Committee and is slated for a vote on the Senate floor Monday night (6/21). If approved then the House would [...]
- May20
Senate Budget Plan Moves Forward
The NC State Senate is slated today for a final vote on its 2010-11 budget proposal. The N&O reported on some of the details in this article. A few observations about the Senate’s budget plan: Total spending includes $18.99 billion outlined in the state budget, plus $1.04 billion in federal funds replacing state funds already [...]
- May18
Senate Budget Includes Sensible Small Business Tax Cuts
The North Carolina state Senate this morning released its recommended budget changes for 2010-11. You can view the legislation here, or view the money report here. One issue of considerable note tucked into the Senate’s proposal is a tax rate reduction on North Carolina “pass-through” businesses – like S-corps or partnerships – that file the [...]
- May04
PA Gov’t Tells Citizens: We Know Who You Are, We’re Watching
In the straight out of George Orwell, big brother is watching files, and actual ad from the State of Pennsylvania trying to get delinquent tax filers to pay up: A little creepy, eh? Real Clear Politics takes a look at the ad and includes a conversation with the people who own the house that was [...]
- Apr12
Perdue’s Inneffective, Irresponsible “Small Business Relief” Plan
Gov. Perdue unveiled details of her small business relief plan over the weekend. Sadly, her proposals will do nothing to help North Carolina’s economy or create jobs; and will put even more pressure on the state’s already strained budget. Some details: Gov. Bev Perdue on Friday released a $17 million proposal of small business initiatives [...]
- Apr06
The High Price of Obamacare
Sheldon Richman reminds us that the high price we’ll be paying for Obamacare comes in many forms. First, are the explicit taxes such the Medicare tax hike on high levels of investment income, the “fees” on medical device and drug companies and the tax on “Cadillac” insurance plans (not implemented until 2018 so Obama can avoid [...]
- Mar30
Tax Freedom Day is Coming Soon!
The Tax Foundation today release its annual “Tax Freedom Day” study – which calculates, on average, how many days Americans must work to pay their total local, state and federal tax burdens. A couple of key findings include Tax Freedom Day will arrive on April 9 this year, the 99th day of 2010, according to [...]
- Mar16
Social Security Already Broke
This Washington Times article describes the dire situation that our Social Security system is in, and why all of those surplus collections for the past 20 years are long gone. The retirement nest egg of an entire generation is stashed away in this small town along the Ohio River: $2.5 trillion in IOUs from the federal [...]
- 1Mar12
Beth Wood: The rest of the story on late property taxes
North Carolina State Auditor Beth Wood can’t seem to stay out of the news. In early February, Under the Dome reported Wood was late in paying a $1,200 property tax bill on her Raleigh residence. Wood said she was late because she had to repay a $90,000 loan she took out to help finance her [...]
- Feb19
“May”?
File this one under the “most predictable headline of the decade” category. From today’s N&O: Deficit solution may include taxes Erskine Bowles said “everything is on the table” – including raising taxes and cutting Medicare and Social Security – when the bipartisan commission created by President Barack Obama begins meetings on how to reduce the [...]
- Jan15
State Committee Continues to Examine Sales Tax on Services
In a joint meeting of the state Senate and House Finance committees yesterday, further discussion of North Carolina’s sales tax was the main focus. Specifically, members were briefed on which services North Carolina currently taxes and those that could potentially taxed if lawmakers decided to broaden the sales tax base. Were the sales tax to [...]
- Dec01
Define “Ever”
As Francis pointed out earlier, Gov. Bev Perdue seems to be bending the truth when it comes to her stance on the gas tax. During her announcement on of a controversial funding mechanism to finish I-485 she told reporters that she would not “ever” raise the gas tax. Apparently she meant qualify that and say [...]
- Dec01
Watch what Perdue does – not what she says!
Yesterday Gov. Bev Perdue was talking about completing the I-485 loop around Charlotte. While talking she said: “We want you to have a reason to bring it in under budget, and done well, and done so as to last for the next 50 years,” Perdue said. “The only way I think you can do that, [...]
- 1Nov18
So Why Did They Raise Taxes?
In August, we were all told by the leadership of the General Assembly that $1.1 billion in tax increases were necessary in order to stave off massive, destructive cuts to “critical” state services. Apparently we were lied to. According to the Gov. Perdue’s budget director, the state has about $600 million socked away for a [...]
- Nov11
Does She Really?
Gov. Bev Perdue is honoring veterans today by pandering for military votes telling businesses that they should hire more veterans by participating in a new program called “I Hire Military.” That’s great and all, but has the Governor noticed unemployment in North Carolina is 10.8% (8th highest in the nation)? Nobody is getting hired, military [...]