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NC business breaks would top $300M


RALEIGH, N.C. -- The price tag for a legislative grab-bag of tax breaks designed to spur economic growth and job creation in North Carolina could top $300 million in the next five years.

Legislators learned Wednesday that the credits for film producers, biodiesel makers, wind-turbine manufacturers, paper factories, and others would see North Carolina pass up collection of $300 million in taxes.

The bill cleared the House Finance Committee on Wednesday and could face a vote in the full House as early as Thursday.

Republicans and some liberal Democrats say the targeted tax breaks favor businesses with an inside track to politicians. Supporters say the credits are given only after positions are created and hundreds of jobs are at stake if just a couple of companies come to North Carolina.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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Add these hundreds of millions

of tax dollars to ending stimulus funding and multi-billion dollar under funding of state retirement and health care plans plus throw in the added health care costs madated by Obama-Care.

The SS North Carolina, with her Highness Bev at the helm, is headed for a big iceburg that will pierce the hull and sink the ship.

The State Treasurer has been quoted "...the state's credit card has been maxed out through 2012..."

There are still several hundred thousand unprocessed 2009 state income tax returns "unprocessed" with an estimated $222 million in refunds unpaid.

Clearly government and the Legislature have not caught on.

Will the voting taxpayers show the Legislature they get the message with a voting wake up call in November?

Fail to take action in November; fail to exercise your right and obligation to vote; continue to allow these "out of touch with reality Legislators and Governor" to spend more than the state brings in? Grab your life jacket. A financial sunami is headed right for our coast line.