The North Carolina Senate passed a Republican-led tax reform package Wednesday evening in a quick, 36-14 vote that drew eight Democrats to cross the aisle and vote in favor of the bill. House Bill 334 would raise the standard deduction from $21,500 to $25,500 for joint filers, which would take about a quarter of a...
A proposed tax cut from Senate Republicans would move North Carolina to fifth in the state business tax climate rankings, the Tax Foundation says. North Carolina, now 10th, ranked 46th when Republicans took control of the General Assembly in 2011. The Tax Foundation is an independent, nonprofit tax research group. The proposed cut would slash...
Thanks to conservative leadership in the General Assembly oriented towards sustained spending restraint, lawmakers are well-positioned to enact this legislation.
North Carolina, per-capita, is one of the most rural states in the country and would be disproportionally impacted by a new mileage tax scheme.
The EITC reduces market wages, leads people to work fewer hours, is costly to administer, and is so complex that it makes excess payments to some taxpayers while keeping others from getting their full benefits.
In states that do tax income, 16 have lower rates than North Carolina.
It’s not too late to save our state’s unique free enterprise protections from a future as meaningless surplusage.
North Carolina now consistently ranks among the best states in which to do business.
A recent examination by the Tax Foundation shows North Carolina’s high net migration rate may be due to its friendly tax climate. The nonprofit, nonpartisan group annually examines migration trends, using data from United Van Lines, the largest moving company in the country. That company’s National Movers Study found that in 2020, Idaho saw the...
Assigning infallibility to government action is a fool’s errand. It’s a common refrain in libertarian and conservative circles, and its truth is grounded in history, as well as the government’s continuing and ubiquitous intrusion and overreach. I won’t take credit for the aforementioned paraphrased statement because Scott Maitland said it this week as we talked...
As Tears for Fears sang in the 1980s, everybody wants their taxes lower. Well, that might not be the exact line, but the sentiment is shared across the political spectrum. Still, examples in other states and at the federal level provide frequent reminders that cutting taxes without cutting spending is unsustainable. In the past few...
