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Old 04-24-2013, 08:38 PM
 
Location: The 12th State
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I just heard on local station news about eliminating mortgage tax deductions but I could find only one article about it .

It was brief if anyone has more on it feel free to share. There is other things in this article about our sales tax could up to 12.5 percent to pay for removal of income tax.
State tax reform efforts snarled by politics but backers persist | Reuters

Last edited by SunnyKayak; 04-25-2013 at 04:36 AM..
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Old 04-24-2013, 10:18 PM
 
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Interesting that the Koch brothers' group AFP-NC is pledging a half mil to in effect raise sales tax rates. That goes against Art Pope's people, who've opposed the sales tax hike since Variety Wholesalers stores would see a sharp drop in revenue if it were to pass. And as we've seen McCrory and the rest of the party are largely dependent on Pope's support.

Since Pope is focused entirely on state-level issues, the Kochs would have to be willing to pony up a lot more to counteract Pope's reach.
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Old 04-25-2013, 07:42 AM
 
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NH has no sales or income tax. Top rated schools. Wonder how they do it. "Live free or die".
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Old 04-25-2013, 08:31 AM
 
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Quote:
Originally Posted by wheelsup View Post
NH has no sales or income tax. Top rated schools. Wonder how they do it. "Live free or die".

The money has to come from somewhere. Unless you live in an oil-rich state, you're going to pay one way or the other. With all the talk about eliminating or reducing the NC income tax, it seems odd that I hear no one talking about how the revenue will be replaced.
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Old 04-25-2013, 09:37 AM
 
Location: Phoenix, AZ > Raleigh, NC
15,098 posts, read 19,059,396 times
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Originally Posted by arbyunc View Post
The money has to come from somewhere. Unless you live in an oil-rich state, you're going to pay one way or the other. With all the talk about eliminating or reducing the NC income tax, it seems odd that I hear no one talking about how the revenue will be replaced.
They ARE talking about it - by raising the sales tax rates. Read the article in the OP. (and they N&O has had several articles and oPeD's about the same thing.)
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Old 04-25-2013, 10:19 AM
 
Location: The 12th State
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This is going to send North Carolina real estate market in a tale spin.

Can someone provide the bills or other articles that are more in depth what I mention in the op please.
Thanks
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Old 04-25-2013, 10:29 AM
 
Location: Phoenix, AZ > Raleigh, NC
15,098 posts, read 19,059,396 times
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Here's some additional reading on the topic.

RALEIGH: GOP leaders suggest abolishing N.C. income tax | State Politics | NewsObserver.com

State Sen. Bob Rucho says North Carolina tax system needs an overhaul | CharlotteObserver.com (particularly good inset box information on the right hand side of the article)

A website that promotes this idea: End North Carolina's Income Tax Now! this site includes studies, policy briefs, faq's and a petition.

I do not believe that an actual legislative bill has been written yet.

NOTE: This post should not be construed as my support or non-support of this idea. Like SunnyKayak, I want more information prior to making my decision. In this post, I'm just providing information - which EVERY citizen of NC should read, since this is something that will affect us all.
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Old 04-25-2013, 10:30 AM
 
11,943 posts, read 21,570,904 times
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Quote:
Originally Posted by arbyunc View Post
The money has to come from somewhere. Unless you live in an oil-rich state, you're going to pay one way or the other. With all the talk about eliminating or reducing the NC income tax, it seems odd that I hear no one talking about how the revenue will be replaced.
Maybe NC has a spending problem not a revenue problem...
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Old 04-25-2013, 10:54 AM
 
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JK, thanks for the links. I have not paid a lot of attention to this issue, and what I have seen/heard to this point didn't mention any solid proposals for replacing the revenue other than what "could" happen. On the surface, this seems like yet another Republican attempt to stick it to the less fortunate while the wealthy reap the benefits. In addition, I think changing our revenue model would be extremely costly--you don't just suddenly stop collecting taxes and raise sales taxes without major changes to systems and processes. I really don't buy into the justification for this, nor do I think it would really benefit the state in the long run. McCrory seems to think it will make NC more attractive to investors and businesses, but if those folks have to pay higher sales taxes the attractiveness quickly fades.

And to wheelsup, no doubt our state government (like most all governments) has opportunities for being more efficient and saving money. But you don't effectively attack that problem by simply cutting revenues; there need to be well thought-out plans and approaches for change. Unfortunately I don't have much confidence that this legislature can make that happen.
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Old 04-25-2013, 12:31 PM
 
Location: The 12th State
22,974 posts, read 58,642,963 times
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Quote:
Originally Posted by Jkgourmet View Post
Here's some additional reading on the topic.

RALEIGH: GOP leaders suggest abolishing N.C. income tax | State Politics | NewsObserver.com

State Sen. Bob Rucho says North Carolina tax system needs an overhaul | CharlotteObserver.com (particularly good inset box information on the right hand side of the article)

A website that promotes this idea: End North Carolina's Income Tax Now! this site includes studies, policy briefs, faq's and a petition.

I do not believe that an actual legislative bill has been written yet.

NOTE: This post should not be construed as my support or non-support of this idea. Like SunnyKayak, I want more information prior to making my decision. In this post, I'm just providing information - which EVERY citizen of NC should read, since this is something that will affect us all.
I still didnt see hardly thing on the discussion on real estate tax and removing mortgage deductions.
That news site mentions stuff on its broadcast but doesn't link to it on their website. urrgh
This definitely effect people I know who refinance thier homes or has investment homes for rentals.

To discuss the service tax some I can see like haircut, pet groomer but can you imagine the tax for seeing the dentist or doctor that will be about 10 dollars on $130 visit at the current rate.

If they do implement this it needs to be done gradually and put the money in a reserve as they slowly remove income tax.
Also it mention increasing the business license tax, that is going to hurt every mom & pop local store in this state.

I dont know this not in legislation good or not as I feel like we as citizens trapped.
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