Governing, the magazine that covers American state and local government, has just issued a biased ranking that condemns the tax policy of fast-growing states and praises the tax policy of those with under-performing economies. Talk about missing the point.
North Carolina is suffering more than most from the national problem of too little investment. The solution is to reform the tax code to encourage entrepreneurs to take risks. The president, but not state leaders, seems ready to act.
Cleaning up the research pile meant stumbling on several ideas that never became full-fledged columns. So here are some nuggets for your sampling on capital gains taxes, welfare reform, teacher certification, and Dumb Growth.
In late October the North Carolina Economic Development Board released its 2002 Economic Development Strategic Plan. The 57-page plan relies heavily on government-funded programs, but also draws attention to North Carolina’s high tax rates and overall tax burden, reports Don Carrington.
Tax-hike advocates downplay the potential consequences of a $455 million tax hike on a wobbling state economy – what's another half-billion bucks? they ask.
Charlotte Observer columnist Jack Betts and others have blamed the current state budget deficit on an antiquated tax system. Sorry, but the facts do not support this conclusion, and it rests on a misunderstanding of what “corporate income” is.
Last year some were saying that a new federal tax cut for business would “cost” North Carolina $479 million over three years. No, it would save us $479 million and create thousands of new jobs. Calling a tax cut a “cost” is perverse.
