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With the severe shortage of teachers in the NC pipeline, thanks in part to McCrory, it is hard to believe the public educational system in NC will ever rise to the challenge of educating people to the point where they won't be so ignorant as to vote for another McCrory.
“News of a surplus is indeed cause for relief. But before GOP leaders dislocate their elbows in over-exuberant back patting, let’s look closer to see how they achieved it….
The returns are in. And the numbers don’t point to an expanding economy as the main cause of the huge swing from deficit projections to surplus. Instead, the memo [from the legislature’s Fiscal Research Division] noted that tax refunds dropped by 57 percent this year (not the 35 percent predicted). It was by far the biggest drop-off in 25 years.
Personal income tax collections surged, giving the state $375 million more than the staff expected. Some of that came from bigger collections in small business income. No surprise there, since tax reform killed the $50,000 business income exemption such establishments enjoyed.”
GOP leaders say lower tax rates will draw more corporations and jobs to the state. But the new-found surplus didn’t come from new-found corporations. Wage growth is expected to be 1 percentage point below forecast for the current budget year, the memo says, and withholding tax revenue is projected at 3 percentage points below forecast. Corporate income tax and franchise taxes moved up only slightly since the staff’s February budget projections.
That means surging collections from small businesses and individual taxpayers – not corporations – turned the deficit forecast into a surplus.”
“News of a surplus is indeed cause for relief. But before GOP leaders dislocate their elbows in over-exuberant back patting, let’s look closer to see how they achieved it….
The returns are in. And the numbers don’t point to an expanding economy as the main cause of the huge swing from deficit projections to surplus. Instead, the memo [from the legislature’s Fiscal Research Division] noted that tax refunds dropped by 57 percent this year (not the 35 percent predicted). It was by far the biggest drop-off in 25 years.
Personal income tax collections surged, giving the state $375 million more than the staff expected. Some of that came from bigger collections in small business income. No surprise there, since tax reform killed the $50,000 business income exemption such establishments enjoyed.”
GOP leaders say lower tax rates will draw more corporations and jobs to the state. But the new-found surplus didn’t come from new-found corporations. Wage growth is expected to be 1 percentage point below forecast for the current budget year, the memo says, and withholding tax revenue is projected at 3 percentage points below forecast. Corporate income tax and franchise taxes moved up only slightly since the staff’s February budget projections.
That means surging collections from small businesses and individual taxpayers – not corporations – turned the deficit forecast into a surplus.”
Add to that the new sales tax on labor that went into effect this year.
Governor Pat has presided over a budget which has cut spending for textbooks for schools by 50% and cut off all funding for teacher development. You may have noticed you paid slightly less in state income tax, but this has been more than offset by sales tax on your utilities and professional services. The Republican legislature doesn't like to call them taxes but prefers the term "fees".
All I know is I'm paying more not less, with Governor Doofus and the boys! I always like to say that the Democrats cost me more money every year, but the Republicans cost me a lot more money every year. The only way your overall taxes went down, is if you are in the top 5% in income and the lower NC state income tax saved you thousands. But the rest of us ended up paying more in "fee increases" (really disguised taxes) than we saved with lower income tax. But those low-info folks in the rural areas buy the Fox News mantra hook line and sinker! But in the end, they will reap what they sow! Not much!
"According to the annual Best & Worst States for Business survey from Chief Executive magazine, which queried CEOs on a range of quantitative and qualitative factors... North Carolina, Tennessee and Indiana complete the top five of the rankings."
"According to the annual Best & Worst States for Business survey from Chief Executive magazine, which queried CEOs on a range of quantitative and qualitative factors... North Carolina, Tennessee and Indiana complete the top five of the rankings."
But in terms of quality of life for its citizens, NC is in the "rear guard" as usual! Some of those states that did well in the business survey are near the bottom, in the quality of life survey.
But in terms of quality of life for its citizens, NC is in the "rear guard" as usual! Some of those states that did well in the business survey are near the bottom, in the quality of life survey.
SHH as long as BofA, Wells, Duke, and the rest are killing it because of tax breaks while the small businesses and working population prop up tax revenue its okay.
"According to the annual Best & Worst States for Business survey from Chief Executive magazine, which queried CEOs on a range of quantitative and qualitative factors... North Carolina, Tennessee and Indiana complete the top five of the rankings."
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