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View Diary: North Carolina voters are seriously pissed at extremist Republican agenda on abortion, unemployment (79 comments)

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    Sixty Something, kayak58

    they just have approved changes to the tax code in NC.
    The basics:

    Most taxpayers would get a tax break with the largest cuts reserved for high-income earners and those without children. A married couple with two children making $60,000 would save $84, a legislative analysis showed, while a single person earning $250,000 would save $4,000 a year. Any tax cut would be tempered by an increase in sales taxes on electricity, movies and service contracts, which are not factored into the projected savings.

    The largest tax break would come from the state’s three-tier personal income tax. It taxes higher income at higher rates with the 7.75 percent the highest among neighboring states. The GOP legislation would create a flat 5.8 percent rate that moves to 5.75 percent in 2015. Only Tennessee, which doesn’t have a broad income tax, would be lower.

    Under the bill, the corporate tax, paid largely by only the wealthiest companies, would drop from 6.9 percent gradually to 5 percent by 2015. It could fall even further in the future, possibly down to 3 percent in 2017, if the state meets revenue growth targets.

    Read more here: http://www.newsobserver.com/...

    And of course it rises the tax poor people pay the most: sale tax

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