A recent study from the NC Public Interest Research Group shows that North Carolina is being cheated out of $61 million of tax revenue because corporations use tax loopholes and tax shelters to avoid paying their fair share of NC taxes. Taking in less money has consequences, of course:
In North Carolina, that $61 million would be enough to pay the salaries of 1,300 more teachers or cover the in-state tuition and fees for nearly 3,780 students at N.C. State University, a news release from NCPIRG says.
“Tax dodging is not a victimless offense,” Kalila Zunes-Wolfe, a program associate with the organization, says. “When corporations skirt taxes, the public has to make up the difference. That means higher taxes for average taxpayers or cuts to public programs.”
Submitted by Vicki Boyer on Fri, 01/10/2014 - 1:36am
Here's a great way to be your own boss. Be on a government committee that approves charter schools (the Charter School Advisory Board) and then collect management fees from the schools you get to approve. Can you say, conflict of interest?? Evidently the NCGA can't as they have allowed this situation to come to pass.
South Brunswick Charter School will be operated by the Roger Bacon Academy and will rent property from Coastal Conservancy, LLC. Baker A. Mitchell Jr.—who happens to sit on the Charter School Advisory Board—owns both of those entities.
Alternate title: What a difference a year makes [cross-posted from BackwardNC]
As we celebrate a new year, with all the reflections and predictions, BackwardNC offers our own prediction for the next year and beyond. This isn't one of those "here's what might happen" sort of things; this is just documentation of what already was planned by the NC GOP with their tax increase.
(In the home of Ned & Cora Average (NC Average), in [insert your favorite county here] ).
Ned: Hey, Cora, have you noticed? I'm takin' home 11 bucks more in my paycheck every week! Our boys [insert GOP state representatives/senators names here] are doin' OK by us!
The right-wing nut jobs from the Jones Street House of Pain, along with DAG McClowny, have been on an all-out propaganda push to try to convince North Carolinians that they're getting a tax cut, just because the nominal income tax rate will decline and they'll see an extra buck or two in their paychecks.
Of course, their propaganda is disingenuous a pack of outright lies. They know that nearly all of the tax cuts go to the wealthiest people and that, with the elimination of many deductions and the earned income tax credit, coupled with the new 7.5% sales tax on many goods and services, the overall tax bill for most people will go up.
Originally published in November, but even more relevant now that the countdown has begun.
When Republicans talk about their big tax cut coming in January, people will be forgiven for not getting all that excited. The bottom rate will drop from 6.0% to 5.8%, which qualifies as nothing more than chump change. For a person making $25,000, the tax cut is whopping $50. Impressive.
Of course, if you happen to be a high-income earner, the picture is a lot prettier. Your tax rate will drop from 7.75% to 5.8%. So if you're making $200,000, you'll get a $3,900 tax break. In other words, your benefit from the Republican plan is 78 times higher than the person at the bottom of the income scale.
McCrory Defends His Policies In Surprise Asheville Appearance.
I read this article and quickly concluded this man is so deluded I don't know where to start. McCrory's constant refrain of 'competition creates winners' leaves out the fact that it also creates 'losers.'
To have NC compete with other states on tax rates will only result in a race to the bottom. We lower our tax rates, and other states lower their tax rates. It is a race to zero. Who benefits from that? And I make no apologies about feeling that a corporation that does business in any locality DOES owe something to that community beyond jobs. They DO have to contribute to the common good, to education, to building highways and schools and the maintenance of public buildings and spaces. Yes, it is fair and right to have companies pay taxes.
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