Tag:income tax

  • Fans of free markets give Senate tax plan high marks

    Senate leaders are proposing a $1 billion middle class tax reduction plan that would lower personal and corporate income taxes, increase mortgage interest deductions, and allow for unlimited medical and charitable tax deductions. “Under this plan, 99 percent of all individual…

  • Senate approves bill capping income tax rate

    RALEIGH ­— The state Senate has given its approval to a proposed constitutional amendment capping the income tax rate at 5.5 percent, but one lawmaker has a better idea. Applying some fiscal restraint, said Sen. Jerry Tillman, R-Randolph, could eliminate the…

  • Senate Expands “Zero” Tax Bracket By Unanimous Vote

    The Senate on Tuesday unanimously approved a bill providing middle-class tax relief by increasing the standard deduction — or 0 percent tax bracket — by $2,000. The sponsor of the measure, Sen. Bob Rucho, R-Mecklenburg, called the measure “a huge cut for the middle class.” If approved, it would increase…

  • Amendment Would Cap State Income Tax Rate

    One of the architects of North Carolina’s recent tax reforms wants to lower the maximum rate of personal income tax allowed by the state constitution. Sen. Bob Rucho, R-Mecklenburg, co-chairman of the Senate Finance Committee, has introduced Senate Bill 817, a proposed amendment to the N.C. Constitution that would…

  • What Explains Job Growth

    Employment growth is the product of many factors, some controlled by governments but most determined by forces politicians can’t control no matter how hard they try.

  • A Taxing Situation

    The income tax deadline is approaching fast, and for many of us, preparations for an income tax reckoning at the state and federal level are well underway. Unlike at Christmas, this isn't a warm and fuzzy giving season. In fact, tax season is a fiscal adjustment period for a lot…