All tagged tax
The state auditor’s office found that a former accounting technician in the town of Spring Lake misappropriated more than $430,000 in taxpayer funds for personal use and has referred its report to the FBI and State Bureau of Investigation for a possible criminal investigation.
State government should face a limit on the amount of your income it can tax. Disturbing comments from one N.C. Supreme Court justice help explain why.
Several weeks ago, I wrote a column pointing out that Republican-led states outpaced Democratic-led states in population growth last year. Indeed, some blue-tinted places such as California, New York, and Illinois had a net outflow of residents while red-tinted places such as Florida, Texas, and our own state of North Carolina had a net inflow.
’Tis the season to reference a different Charles Dickens classic, I know, but I happen to have Oliver Twist on the brain. You may recall that Fagin is the rogue who takes in orphans and runaways, trains them to pick pockets and swindle marks, and then distributes the proceeds between himself and street tough Bill Sikes.
North Carolina ranks just outside of the top 10 states, at No. 11, in the latest Tax Foundation State Business Tax Climate Index.
The N.C. Senate voted Thursday to pass the body’s state budget plan by a vote of 32-18, with four Democrats joining all Republicans in supporting the plan. Sens. Ben Clark, D-Cumberland, Kirk DeViere, D-Cumberland, Paul Lowe, D-Forsyth, and Don Davis, D-Greene, supported the Senate budget.
State Senate leaders will propose spending $3 billion over the next two years on capital and infrastructure projects. That money is part of a larger 10-year, $12 billion “cash” plan tied to the Senate’s budget.
North Carolina has collected more than $6 billion in state taxes than was originally forecast in May 2020 by state economists. That’s the finding of a report presented to members of the Joint Full Chairs Appropriations Finance Committee by the nonpartisan Fiscal Research Division at the General Assembly and the Office of State Budget and Management.
With negotiators for the North Carolina House and Senate confirming that they’ve agreed on the broad outlines of a state budget for next year, the prospect of ending the state’s 2.5% corporate income tax is one step closer to becoming reality. A phase-out is already in the Senate’s budget plan, and key House members have endorsed the idea.
With one month to go before the end of the fiscal year, at the General Assembly lawmakers are hammering out how to budget more than $25 billion in the next state spending plan. Republican leaders in the House and Senate have already agreed to spend significantly less than budget priorities submitted by Gov. Roy Cooper in March.
Personal income tax rates would be slashed and the corporate tax rate entirely eliminated by 2028 under a proposal rolled out on Tuesday, May 25, by N.C. Senate Republicans.
