Budget & Taxes

 

NC Budget Writers Should Beware of the Power of Compounding Expenditures

For savers, compounding interest can be a great thing. It helps to accelerate the rate of increase of your money in the bank. For state budgets, however, the concept of compounding budgetary increases can rapidly create out-of-control spending obligations. For state budget writers tempted to think it safe to increase…

 

Gov. McCrory’s First Budget Proposal Unveiled

“Changing policy through our budget.” That’s how newly elected Governor Pat McCrory described his first state budget proposal at a press conference Wednesday morning. McCrory’s plan would increase year-over-year spending by nearly half a billion dollars while not raising taxes. Most of the policy “changes” are focused on education. Total…

 

Taxpayer Bill of Rights: A Needed End to the Budget Roller Coaster

This article originally appeared in the Raleigh News and Observer. North Carolina’s tax structure is almost assuredly going to receive an overhaul in 2013. Legislative leaders and newly elected Gov. Pat McCrory have made no secret of this. It is vital, however, that while addressing the revenue side of the…

 

North Carolina Sales Tax Shift Could Help Workers

This article originally appeared in the Fayetteville Observer. A change in North Carolina’s tax code is coming this year. The most likely outcome will be a reduction in the reliance on our state’s income taxes and more of a reliance on an expanded sales tax. Critics complain the new tax…

 

House Bill 35: Giving a Voice Back to the People

House Bill 35, with primary sponsors Rayne Brown (R-Davidson) and George Cleveland (R-Onslow), would repeal the statutory authority enabling the state to issue Certificates of Participation (COPs) as a form of debt financing. COPs have been the preferred method of non-voter approved debt for the state since 2000. Traditional, general…

 

‘Regressive’ Sales Tax is a Relative Term

This article originally appeared in the News & Observer. There is one talking point that has become the go-to objection to eliminating North Carolina’s state income taxes and replacing the revenue by expanding the sales tax: “This will shift the tax burden from the rich and onto the backs of…

 

The Path to Prosperity: Spending Cuts, No Income Tax, and Free-Market Schools

Our state has been suffering with high unemployment and sluggish economic growth since the 2008 financial crisis primarily because of an inadequate educational system, high taxes and poor investments by state government. It is instructive to remember that North Carolina, devastated in 1880 from the post Civil War era, emerged…

 

Famed Economist: NC Can Get Ahead of the Curve

Famed economist Arthur Laffer provided real-world economic solutions at the Civitas Institute’s legislative training session recently in Raleigh. First, though he is best known for “the Laffer Curve” showing how tax cuts can bring in more revenue, and for advising President Reagan, he’s not about party or ideology, he said.…

 

Why All U.S. States Should Eliminate The Income Tax

This article originally appeared in Forbes Magazine. Louisiana Governor Bobby Jindal, Nebraska Governor Dave Heineman, and Kansas Governor Sam Brownback have all called for their states to eliminate their income tax and replace it with a sales tax over the past week. They were joined yesterday morning by North Carolina,…

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