Tax Reform The Key To Economic Vitality
The top priority of the governor and legislative leaders is boosting job creation and economic growth. A simpler, fairer tax system would give that agenda a major assist.
Tax reform is a complicated issue. It isn’t just an economic or fiscal issue. Politics will inevitably play a role.
While there are several different paths to choose in state-level tax reform, the fundamental goals is the same: to tax consumed income rather than total income.
Let's adopt a consumed-income tax of 8.5 percent, with no additional state tax on sales, corporate income, or investment. It would boost job growth by 80,000 in the first year alone.
At current rates, corporations doing business in the United States face the highest marginal tax rate on their income in the industrialized world.
North Carolina’s tax code is archaic, unwieldy, unfair, and unfriendly to the creation of new businesses and jobs in our state.
Because most sales taxation puts the liability on sellers, not buyers, it will always be an indirect and inferior way to collect revenue.
For as long as I have been in the state-policy mix in North Carolina, the political class has been arguing for sales-tax reform.
Receipts, invoices, and billing statements are an integral part of our lives, for good reason.
As long as North Carolina and other states levy a retail sales tax on products such as music recordings, why not be consistent?
When the entire tax system needs an overhaul, it's hard to get excited about a new patch.
There is yet another tax-hike proposal in the North Carolina General Assembly. And there’s a case for it. Calm down. Don’t jump to conclusions.