Are you paying attention, Gov. McCrory and 2013 NC Legislature?
From Reuters News:
“Our goal is to eliminate all personal income tax and all corporate income tax in a revenue neutral manner,” Jindal said in the statement.
He did not confirm reports that he will seek an increase in sales taxes in order to offset lost income tax revenue, but said: “We want to keep the sales tax as low and flat as possible.”
Political analyst John Maginnis, who on Thursday reported in his email newsletter LaPolitics Weekly that Jindal will propose balancing the tax loss by raising the sales tax, now at 4 percent, said the strategy fits with the governor’s interest in keeping a high national profile.
FYI – Louisiana’s sales tax is similar to NC’s in that there is a state and local component. LA’s state component is 4%, and the average local sales tax rate is 4.85% – for an average total of 8.85%. By comparison, NC’s state rate is 4.75% and most localities add another 2%, for a combined rate of 6.75%.
Of course, as Civitas readers already know, NC legislative leaders are working on a plan to eliminate NC’s personal and corporate income taxes. To learn more about the plan and how it would improve our state’s economy, and to sign a petition to support income tax elimination, visit: http://noincometaxnc.org/
More and more states are taking a serious look at eliminating income taxes, and they are right to do so. North Carolina has a golden opportunity to lead on this issue in 2013. We shouldn’t risk being left behind and becoming even more uncompetitive while watching other states take bold measures to improve their job and income growth.
“Just proposing a plan on the scale being discussed would win Jindal acclaim among fiscal conservatives here and nationwide,” Maginnis told Reuters.
I repeat, are you paying attention Gov. McCrory and 2013 NC Legislature?