Negotiators from the North Carolina House and Senate are current hashing out a compromise budget for the fiscal year that begins in July. One of the sticking points, it seems, is how best to build on the state’s impressive record of tax reduction and reform. Before the Republicans won their legislative majorities in 2010, North...
BACKGROUND The “Inflation Reduction Act” spends hundreds of billions of dollars on President Biden’s wish list. It pays for it with big new taxes on big corporations. It imposes a new 15% minimum tax. Supposedly this is a tax on the “wealthy.” It isn’t. On January 21, 2018, the nominal federal corporate income tax rate...
BACKGROUND On January 21, 2018, the federal corporate income tax rate dropped from 35% to 21%. The corporate income tax rate in North Carolina fell to 2.5% in 2019. As recently as 2011, the North Carolina corporate income tax rate was 6.9%. This article explains the reasons for these reductions. Governor Roy Cooper always equates...
Congress and the Biden administration seems determined to hike the federal government’s corporate-income tax. Let’s offset some of the inevitable economic damage in our own state.
North Carolina’s economy has been devastated by the decisions of Gov. Roy Cooper and state and local officials in their attempt to ameliorate the effects of COVID-19. To enforce social distancing rules, politicians outlawed a number of occupations and businesses. Included in these restrictions are restaurants and restaurant workers, beauty salons and barbershops, specialty stores,...
The government sector in North Carolina grew slower than the national average from 2013 to 2016 while North Carolina’s private-sector economy grew faster than the national average.
At current rates, corporations doing business in the United States face the highest marginal tax rate on their income in the industrialized world.
John Hood on fallout of Perdue associate indictments; experts on broad-based tax cuts vs. targeted incentives; Jerry Dockham, John Blust & Louis Belo on state health exchange; Gene Boyce on Watergate legacy; Roy Cordato on repealing corporate income tax.
RALEIGH — Gov. Bev Perdue offered a mixed bag in her State of the State address Monday night — proposing a cut in the corporate income tax rate to 4.9 percent while vowing not to reduce taxpayer-financed incentives to businesses. She also proposed a new program offering free two-year degrees for high-performing high school graduates.
