Friday, January 18, 2013

N.C. Senate leader sees possible zero income tax

Yet another state contemplates freeing the people!
Senate leader Phil Berger said Wednesday that he believes an overhaul of North Carolina's tax system will happen this year and that he prefers a plan to make income tax rates as low as possible - maybe even zero.

Speaking to reporters about this year's General Assembly session, Berger said senators are considering a proposal to eliminate individual and corporate income taxes altogether. Legislators would make up for billions of dollars in lost funds in part by shifting to a consumption-based tax system that would involve most services currently exempt to the sales tax, such as auto repairs, haircuts and lawn services.

The state's income taxes are among the highest in the Southeast. North Carolina's corporate income tax rate is 6.9 percent, while the individual income tax rate for the highest wage earners is 7.75 percent.

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