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A recent interview I heard with James Taylor had him recalling WRAL broadcasts from the early 60's
where Jesse Helms was popular for referring to CH as "Communist Hill".
I suspect our governor has had the conversations he wants to have.
Ol' Jess had a much more colorful name for UNC. We alumni take it as a point of pride.
At any rate they're not gonna dick with how Carolina's run too much beyond stocking the board with their lackeys which already happened. Believe it or not a significant chunk of Republican money in the state is affiliated with the school and they won't cotton to too much shenanigans that'd hurt the school's rep.
^^^As the next few months go by, we should all have a clearer picture of what the GOP is wanting to cut in order to make the lack of a state income tax more feasible. NC's current level of spending will not last IMO. I'm not sure whether this is good or bad. I'm just sitting on the sidelines hoping for the best.
That is right McCrory is your guy isn't he?
He apparently wants to turn UNC Chapel Hill into a vocational school. That and cuts to the University would be extremely detrimental to the state since UNC props up the research triangle and related industries, thus a weak UNC means a weak research triangle.
I seriously doubt they will get rid of state income tax. It is highly irresponsible, even Art Pope has said as much, and they would lose re-election if they did so. People will probably notice an 8% tax on groceries and it will also rake merchants over the coals (thus that is probably why Pope dislikes it). After all he didn't help these people get in so they could seriously damage the bottom line of variety wholesalers.
I seriously doubt they will get rid of state income tax. It is highly irresponsible, even Art Pope has said as much, and they would lose re-election if they did so. People will probably notice an 8% tax on groceries and it will also rake merchants over the coals (thus that is probably why Pope dislikes it).
I honestly hope it goes through just for that effect. I don't care if I'm paying 12% tax on everything, it'll be worth it for the quick reversal of fortune.
12 pages of discussion on raising this tax to offset lowering that tax.... How about reducing the size and scope of the state and local governments and passing the savings on to the taxpayers?
How about reducing the size and scope of the state and local governments
and passing the savings on to the taxpayers?
Because despite however much I might dislike X or you might dislike Y...
actually eliminating X or Y won't save all that much.
Worse... doing so will then just open up some other can of worms.
The ONLY problem with the taxes in NC (or the US) is not enough people are earning enough to pay them.
Put more people (back to) to work... then pay them enough so that they'll owe some taxes too.
Quote:
Originally Posted by IRS
Earned Income Tax Credit
Tax Year 2012 Income Limits
$45,060 ($50,270 married filing jointly) with three or more qualifying children
$41,952 ($47,162 married filing jointly) with two qualifying children
$36,920 ($42,130 married filing jointly) with one qualifying child
$13,980 ($19,190 married filing jointly) with no qualifying children
Getting rid of the income tax and increasing the sales tax would be a huge tax cut for rich people and a big tax increase for poor and middle class people. It would actually slow down economic growth.
Getting rid of the income tax and increasing the sales tax would be a huge tax cut for rich people and a big tax increase for poor and middle class people.
Completely agree.
Quote:
Originally Posted by Winter_Sucks
It would actually slow down economic growth.
How so?
I'm a SC resident and am appalled at the amount of money I paid last year to the SC state treasury (I moved here from TN - which, of course, has no state income tax).
Eliminating NC's state income tax would be a huge draw for me. I've nearly moved to NC on 2 separate occasions; but, when I crunched my budget numbers, SC is always cheaper.
Believe me - if NC eliminated its state income tax, I'd gladly pay a higher sales tax - the amount of tax I pay yearly on consumption is a fraction of what I pay in state income tax!
The effective price on goods goes up, which leads to lower spending, especially among poorer people who proportionally spend more of their income and therefore their spending behavior is more sensitive to price fluctuations. It's why Art Pope is against it since the stores he owns are located in low-income areas, and thus he'd see a huge dropoff in revenue.
At the federal level the .1% GDP reduction we saw the previous quarter comes almost entirely from a 15% reduction in defense spending during the same period.
The effective price on goods goes up, which leads to lower spending, especially among poorer people who proportionally spend more of their income and therefore their spending behavior is more sensitive to price fluctuations.
I appreciate the response.
But is your assumption backed by data? In other words, are there any reliable studies detailing the dollar consumption (per year) of upper and lower income classes and then comparing these tax revenues to a hypothetical increased sales tax rate (with the subsequent elimination of an income tax)? Of course, those in the upper income brackets with an elimination of their state income tax may lead to more in-state consumption.
Again, I've lived in states with and without a state income tax and my consumption has remained about the same (I'm fortunately in an upper income tax bracket).
(As I've stated in prior posts, I'm not debating the ethical dilemmas of eliminating a state income tax - I'd love just to be able to throw more money into retirement, 529's, home renovations, and debt.)
Last edited by drfranklin; 02-02-2013 at 08:31 AM..
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