Civitas Review

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    Were the State Bond and Corporate Welfare Bill Bargaining Chips for Income Tax Cut?

    Posted in Budget & Taxes, Civitas Review By Brian Balfour | Tagged , , ,

    There has been much written about the tax changes included in this year's final budget bill. Most notable among the changes were a decrease in the personal and corporate income tax rates, the creation of a new historic preservation tax credit, a shift in the formula for corporate taxes to a single sales factor, and […]

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    Senate Introduces New Version of Tax Reform

    Posted in Budget & Taxes By Brian Balfour | Tagged , , ,

    Today the Senate Finance Committee took another crack at their tax reform effort, approving a new version of tax reform legislation. Notable elements of the new plan include: Phases down the personal income tax to a flat rate of 5.75% – the previous Senate plan phased it down to 5.25% Creates a standard deduction of $15k […]

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    Who Pays NC State Income Taxes?

    Posted in Budget & Taxes By Brian Balfour | Tagged , ,

    With tax reform debates in full swing here in NC, the predictable left-wing spin is that anything that drifts from the status quo would result in a "big tax break for the rich at the expense of the poor." One recent example is this from N&O reporter John Frank:  The median North Carolina family would […]

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    Details of House Tax Plan Unveiled; Changes are Less Significant than Senate Plan

    Posted in Budget & Taxes By Brian Balfour | Tagged , , , ,

    The AP is reporting that the North Carolina House has made available to them details of tax reform legislation they are working on. Following are the main highlights of the plan: The personal income tax would change from the current multi-bracket structure ranging from 6% to 7.75% to a flat 5.9% next year. Standard deductions would increase to exempt the […]

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    New Legislation Provides More Tax Reform Details

    Posted in Budget & Taxes By Brian Balfour | Tagged , , ,

    Two more bills filed yesterday help to inform us where tax reform may be headed in North Carolina. The Wilmington Star-News has a summary: The legislation filed Tuesday would restructure the personal income tax rate from a progressive rate to a flat rate of 5.25 percent, stepping down the rate to 4 percent beginning Jan. […]

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