Governor Perdue proposes a cut on corporate taxes. That's the easy part.
Though many here disagree with me, I was glad to see Governor Perdue take the axe to North Carolina's corporate income tax rate. She proposed cutting it from 6.9% to 4.9%, and as far as I'm concerned she should have gone all the way to zero.
By dismantling that tax structure, we could finally begin the long and essential process of revoking corporate personhood, thereby eliminating rights and privileges that are enjoyed by businesses, but not by ordinary citizens. In addition, the elimination of corporate taxes would forever get North Carolina out of the incentives business, where we attempt to lure commercial interests by promising them taxpayer subsidies.
What Perdue hasn't done yet, however, is offer a plan for making up for the shortfall that would be created by the cut in corporate taxes. The appropriate solution there, of course, is to raise income taxes on multimillionaires, and to tax investment earnings exactly the same as we tax salaries and wages.
I offered a specific plan for doing just that back in December. It's time to make it happen.
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