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RALEIGH, NC (AP) — A Washington-based conservative-leaning think tank is providing options to North Carolina elected officials on how to overhaul the tax system so that it says the state’s tax climate would improve significantly.

The Tax Foundation released Monday a study commissioned by the Carolina Business Coalition, whose board includes former BB&T Corp. chief executive John Allison and ex-GlaxoWellcome CEO Bob Ingram.

The report highlights four ideas it says the General Assembly should consider, providing advantages and disadvantages to all. The options adjust state sales tax and individual income tax rates up and down and reduce or eliminate the corporate income taxes.

Republican legislative leaders say this year they want to modernize the tax system and lower income taxes or end them all together. The General Assembly reconvenes Wednesday.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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1 Comment on "NC legislators offered tax overhaul options"


Vog46
2015 years 9 months ago

The argument WAS eliminate the Corporate tax AND income taxes.
Now it’s eliminate the Corporate tax and reduce income taxes.
Well, they have a better chance at revenue neutrality this way but here’s the kicker.
In my feeble mind you can reduce corporate taxes to ZERO but if there’s NO DEMAND for the products your company makes there’ll be no expansion of production – meaning NO JOBS CREATED.
This may entice a company to move here but again – if there’s no demand for product THAT won’t happen either.
We are a spending based economy – and the spending can be cash or credit, corporations don’t care – so long as you buy their product and they get their money.
So think about that for a moment………are they eliminating the wrong tax?

Vog

 

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