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you SHOULD be concerned

Tax rates on income in NC?
6%/7%/7.5%
New income tax rates?
0-4.5%

On the face of it that's a good thing but like all things we'll have to wait and see.......

Current corporate tax in NC?
6.9%
Proposed corporate tax?
6.0%
THe same as GA and VA, higher than SC. I thought they were going for lowest in the region?

Current Franchise tax?
$1.5/1000
Proposed
$1.35/1000

Current "Combined sales tax"?
6.75%
Proposed Combined sales tax
6.5%

What is very upsetting to some is that the food tax is going way up from 2.0% to 6.0% or 6.5%. Funny how Berger did not list this on his site:

http://nctaxcut.com/create-jobs/

And when you couple that with the hundreds of services that will now be subjected to the tax you can see that this is going to hurt the middle and lower income earners more.
Our Legislative leadership followed the old line of lower taxes create jobs. No they don't - they just make it less risky to hire. But increasing demand does. Higher taxes don't kill jobs either.
The late 40s and 50s were marked by the highest taxes we've ever had yet represent the highest period of job creation - why? Because GIs were coming out of the service with $ in their pockets and they spent it on homes and cars - driving demand.
It was also period of 80% tax rates on upper incomes. But our friends still cling to that outdated economic theory. It's kinda like the austerity thing. That theory said that when debt approaches 90% of GDP it is no longer sustainable. All a lie - and all based on a very simple math error that was recently discovered. Now we learn there's even more errors in that study. The authors have even admitted wrong doing. Yet many cling still cling to it.
I like having more money but its clear that I will be paying more - especially for food.
I think will slow down the NC economy but I hope I am wrong.
Vog

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