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Local Politics Discuss North Carolina Just Gave Millionaires A Tax Cut, Raised Taxes On The Poorest 900,000 at the Political Forums; you can't make this stuff up... North Carolina Just Gave Millionaires A Tax Cut, Raised Taxes On The Poorest 900,000 ...

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Old 01-15-2014, 07:34 PM
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Default North Carolina Just Gave Millionaires A Tax Cut, Raised Taxes On The Poorest 900,000

you can't make this stuff up...

North Carolina Just Gave Millionaires A Tax Cut, Raised Taxes On The Poorest 900,000 Working Families
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Old 01-15-2014, 09:02 PM
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Default Re: North Carolina Just Gave Millionaires A Tax Cut, Raised Taxes On The Poorest 900,

ThinkProgress, along with Raw Story, are the upper echelon of lies of omission....

Now let's hear from the local news outlet instead of IH8.net...

Major N.C. tax changes start in new year

Quote:
Tax experts say whether an individual taxpayer wins or loses will vary depending on each specific situation.

Like any tax overhaul plan, “there will be winners and losers,” Cindy Avrette, with the General Assembly’s non-partisan staff, told lawmakers at a December tax policy meeting. But as far as personal income taxes go, she said most people should see an increase in take-home pay.

Regardless, the changes are forcing nearly everyone to adjust: Millions of workers are adjusting their net pay in response to the law’s one flat income-tax rate, higher standard deductions and eliminated personal exemptions.

Gerald Townsend, who operates a Raleigh investment advisory firm, said the 2014 income tax rate reduction is “a good savings,” but some high-end taxpayers will lose out on beneficial itemized deductions.

About 650,000 tax returns had been projected to take advantage of the business deduction in 2014, according to legislative researchers.

For many clients, Townsend said, the deduction “basically made your small business tax-free.”

Retirees still are able to exempt Social Security income and some government pension payments from state income tax. But other pension income deductions of up to $4,000 are eliminated. Retiree Mike Dowling of Asheville said he expects it will lead to less disposable income.

“I’m going to probably take a long look at what I give to charities,” said Dowling, who’s also on AARP’s executive council in North Carolina. “It’s going to have some impact on how much I travel for pleasure.”

Determining the benefits or costs of the tax overhaul to North Carolina over time may have more to do with the state’s unemployment rate and money available in the state’s coffers.

Republicans argue the tax changes – projected to result in $524 million less in combined revenue through mid-2015 compared to if no tax changes were made – will help accelerate the state’s recovery.

They say the state’s high income-tax rates have been a hindrance to job creation, so cutting them will attract more companies to locate or expand in North Carolina. With more people employed, more will be paying taxes, which will mean more revenue for public education and other priorities, supporters say.
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Old 01-16-2014, 12:38 AM
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Default Re: North Carolina Just Gave Millionaires A Tax Cut, Raised Taxes On The Poorest 900,

Any tax they lower will be made up somewhere else. How often have you heard of government actually shrinking their workforce or eliminating programs? They are great at shifting and redistributing.
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Old 01-16-2014, 01:11 AM
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Default Re: North Carolina Just Gave Millionaires A Tax Cut, Raised Taxes On The Poorest 900,

Quote:
Originally Posted by Alan Pyke of Think Progress
Republicans moved from a two-tiered, progressive income tax system to a flat tax rate of 5.8 percent. A person who earns a million dollars per year will get a roughly $10,000 tax cut thanks to that move, but the bottom 80 percent of the income distribution will see their taxes rise.
Some of us believe that a flat tax is inherently more fair than a "progressive" tax is; with a certain deduction, preferably, so that the amount typically needed for necessities is not diminished through taxation.

(Of course, this entire problem could be obviated--at a state level, anyway--by simply abolishing the state income tax. My own state of Tennessee does not have an income tax--except on non-preferred brokerage accounts--and neither do some other states, such as Texas and Florida.)
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Old 01-16-2014, 07:30 AM
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Default Re: North Carolina Just Gave Millionaires A Tax Cut, Raised Taxes On The Poorest 900,

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Originally Posted by cnredd View Post
ThinkProgress, along with Raw Story, are the upper echelon of lies of omission....

Now let's hear from the local news outlet instead of IH8.net...

Major N.C. tax changes start in new year
Quote:
For many clients, Townsend said, the deduction “basically made your small business tax-free.”
the deduction they wont get anymore^^^

and you missed some things from your article

Quote:
But gone are valuable tax breaks. Owners of many types of businesses lose a deduction on their first $50,000 of income, while home-related deductions on mortgage interest and property taxes are capped at $20,000 combined. A credit for child care expenses and deductions on certain kinds of pension income are gone.

Sales taxes are going up on mobile and modular homes and will now be applied to service contracts for appliances and automobiles. Theater chains, arenas and many nonprofit arts groups will have to charge full sales tax on movie and concert tickets and most other live events.

Also set to expire Wednesday is the earned-income tax credit, which gives payments to some of the working poor even if they owe no taxes. The credit’s elimination means some low-income families might have to pay a small tax bill again. The corporate tax rate, meanwhile, will decline from 6.9 percent to 6 percent in 2014. Both personal and corporate income tax rates fall further in 2015.

Under the new law, “the people who got the tax breaks were the very wealthy and out-of-state corporations,” said Senate Minority Leader Martin Nesbitt, D-Buncombe, while “those who had the earned-income tax credit will get less.”

other pension income deductions of up to $4,000 are eliminated

he price tag on the tax package means less money in the short term for raising teacher salaries, health care or other infrastructure needs that attract companies more

States that cut taxes the most during the 1990s had weak job growth and personal income growth, while similar states with large personal income tax cuts during the past decade saw their economies grow more slowly than the national average
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Old 01-16-2014, 11:40 AM
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Default Re: North Carolina Just Gave Millionaires A Tax Cut, Raised Taxes On The Poorest 900,

Quote:
Originally Posted by Alexandra Sirota with the liberal-leaning North Carolina Budget & Tax Center
States that cut taxes the most during the 1990s had weak job growth and personal income growth, while similar states with large personal income tax cuts during the past decade saw their economies grow more slowly than the national average[.]
Even if we are to accept this assertion at face value (without any supporting evidence), it begs the question: Shall we simply accept post hoc ergo propter hoc reasoning as if it were logically sound?
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