corporate income tax
Critics of NC GOP tax policy want to stop corporate income tax cuts
Eliminating the state’s corporate income tax means more money for out-of-state corporations and less to support the needs of North Carolinians, critics said Monday. They discussed bills that would freeze the corporate income tax at 2.5% rather than have it fall to zero in 2030. North Carolina’s corporate income tax rate was 6.9% from 2011 […]
US history lesson: Taxes on rich people helped to beat inflation (and win World War II)
North Carolina lawmakers should learn from past national experience and rethink state's fiscal policies Did you know progressive taxes helped beat Hitler? If not, don’t worry, you’re not alone. It’s worth looking back at how taxes helped tackle inflation during WWII and what lessons NC leaders still need to draw from that bit of economic history.
Manchin and U.S. Senate Democrats strike a deal on major health, climate, tax package
WASHINGTON — West Virginia Democratic Sen. Joe Manchin III and Senate Majority Leader Chuck Schumer struck an agreement Wednesday for a Democrats-only reconciliation package that would allow negotiations on some Medicare prescription drugs, end corporate tax loopholes and address climate change as well as invest in energy projects.
Five simple Tax Day truths the political right would rather you not consider
If you’re not among the 7% or so of Americans who were expected to file for an extension, Tax Day 2022 has come and gone. Congratulations! While no one really enjoys paying taxes, April 15 – or as was the case this year, April 18 – marks an important annual moment in the life of our democracy.../p
General Assembly sends new state budget to Cooper for final approval
Despite concerns, most Senate and House Democrats vote to approve $25.9 billion plan The first complete state budget in nearly three years will give teachers and state employees raises retroactive to July 1, spend nearly $1 billion to expand broadband, and billions more on new buildings.
Monday numbers: New polling shows NC voters want to keep the corporate income tax, spend federal relief funds on core services
Last month the North Carolina Senate passed a bill that would eliminate the state corporate income tax over five years, beginning in 2024. New polling, released last week by progressive policy group State Innovation Exchange (SiX), however, shows North Carolina voters overwhelmingly oppose such a change.
New poll: North Carolinians overwhelmingly oppose eliminating corporate income tax
Last month the North Carolina Senate passed a bill that would eliminate the corporate state income tax over five years, beginning in 2024. New polling, released Thursday by progressive policy group State Innovation Exchange, (SiX) shows North Carolina voters overwhelmingly oppose such a change. The poll, of 800 registered voters in the state via telephone and online between […]
Richest North Carolinians already pay so little in taxes; Senate budget would make it even worse
ProPublica’s analysis of recently-revealed tax documents from the ultra-rich reveals that they pay almost nothing in taxes – completely legally – because the U.S. tax code primarily targets reported income rather than total wealth. Because the vast majority of the top earners’ fortunes are stored in stocks and other assets, their income tax ends up […]
Monday numbers: A closer look at the state Senate’s deeply flawed “economic relief” proposal
Republicans in the state Senate recently advanced a rewrite of House Bill 334 – a bill which bears the nondescript title “JOBS Grants and Tax Relief.” The new version of the bill has been promoted by its proponents as an “economic relief” measure that will aid businesses still struggling in the wake of the COVID-19 recession and help further stimulate the state’s economy.
Five damning truths about the state Senate’s deceptive tax bill
North Carolina’s conservative Senate leadership are grossly exaggerating the benefits of a new bill in a clear attempt to fool the public. Senate sponsors claim their rewrite of HB 334, the JOBS Grants and Tax Relief bill, will assist businesses most in need with grant funding and proposed tax cuts to corporations will trickle down […]
Which corporations are enjoying record profits and how are they contributing to the recovery?
At the same time that North Carolina is experiencing the most dramatic economic downturn since the Great Depression and unemployment benefits are getting cut for jobless workers, massive corporations are enjoying record profits and tax breaks. A recent report by Oxfam titled “Pandemic Profiteers Exposed,” found that 17 out of the top 25 most profitable […]
Four important ways in which the Senate budget proposal comes up short
Yesterday, the North Carolina Senate released its proposed biennial budget for the next two years. The budget falls in line with the spending target that leaders in both chambers agreed to earlier this session, but includes tax law changes that the House proposal did not. Together with funds statutorily committed to the State Capital and […]