Friday - July 25, 2014
Senate Republicans Work To Pass Tax Overhaul
Written by Patrick Johnson   
Wednesday, 03 July 2013 04:34

RALEIGH - Senate Republicans tried to build momentum for a North Carolina tax overhaul Monday by rolling out a counteroffer for the House that would reduce personal income tax rates, eliminate the corporate income tax and subject more transactions to sales taxes.

 

WTVD TV's Sheyanne Rodriquez says the plan cuts personal income tax rates two percent, eliminates corporate tax rates by 2018, makes charitable donations become fully deductible, and gets rid of the inheritance tax.

Senate Leader Phil Berger says the plan will grow business in the state. “Making it friendlier to employers makes it easier for us to have more employees and that translates into jobs.”

Critics contend the plan robs the state of hundreds of millions of dollars in tax revenue, which is badly needed at this time. Wake County Senator Josh Stein says he will be voting against the bill. “This isn’t the time to be doing tax cuts down the road for the wealthy when we have critical needs.”

Last Updated on Wednesday, 03 July 2013 04:45
 
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