North Carolina has the fifth highest unemployment rate in the country. And its business climate has proved to be less attractive than that of neighboring states in recent years. The proposed tax cuts on both individual and business income are designed to remedy that. The top rate on personal income of 7.75 percent would drop to 6 percent next year and 5.8 percent in 2015. Instead of three tax rates, there would be only one. The corporate income tax rate would dip to 6 percent from 6.9 percent in 2014, then to 5 percent in 2015. If tax revenue targets are met, it would fall to 3 percent in 2017. In addition, the inheritance tax would be eliminated and the state gas tax capped. The agreement on taxes broke an impasse between the state’s house and senate that had lasted for weeks. Indeed, a breakthrough had appeared to be unlikely until Monday, when the governor, Senate president pro tem Phil Berger, and House speaker Thom Tillis announced the consensus plan. Berger called it an “historic deal on tax reform.” m.weeklystandard/blogs/north-carolina-cut-reform-taxes-boost-economy_739408.html
Posted on: Wed, 17 Jul 2013 07:45:19 +0000
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