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.
