Plans for NC to tax real estate and eliminate mortgage deductions? (Charlotte: sales, real estate market)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
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.
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.
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.)
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.
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...
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.
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.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
