The N.C. House budget plan would increase the standard and child deductions.
Gov. Roy Cooper and his ideological allies make off-base complaints about the state Senate's proposed rate cuts.
On November 6, 2018, the people of North Carolina voted to amend their state constitution. By a 57% to 43% margin, they added a provision to protect the right to hunt and fish. By the same percentages, they also modified a section about the state’s income tax, setting the highest possible rate at 7% instead...
The COVID-19 pandemic has thrown a huge blow at the economies of many states, with North Carolina falling about the middle of the pack; better than most, but worse than others. In a recent report from the U.S. Bureau of Labor Statistics, Illinois, for example, has only recovered 70% of jobs the state lost during...
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 income taxpayers in North Carolina will either receive a tax cut or pay zero...
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 urge to increase tax rates in the first place. Tillman is one of the...
State Sen. Jerry Tillman, R-Randolph, has a reputation for being plain-spoken. After a Senate bill that included a constitutional cap on the income tax rate failed to get a hearing in the House last year, he issued a typical, unvarnished analysis. “The House ran out of time, and maybe they ran out of nerve,” Tillman...
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 the standard deduction for married...
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 lower the maximum state income tax...
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.
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 of people, because the biggest tax bite has already been taken via payroll withholding.
