News Story
A Businessman's Take on the Democrats' Budget
11/30/2009
Is North Carolina trying to run off business and jobs?
Gov. Bev Perdue recently signed the N.C. General Assembly's $19 billion state budget, which includes numerous tax hikes totaling about $990 million – increases that lawmakers insist were necessary to close a $4.6 billion recession-driven budget shortfall. The tax package includes:
a 3 percent corporate income tax increase for 2009 and 2010;
a 2 percent personal income tax increase for those who earn between $100,000-$250,000 and a 3 percent increase on those making over $250,000 for 2009 and 2010;
a one-cent state sales tax increase expiring July 1, 2011, which will affect all North Carolinians.
Excessive tax increases are never good economic policy – and raising taxes in a recession is a disastrous policy. What makes Raleigh think people can pay more in taxes now as jobs are lost, wages and income shrink and wealth and assets dwindle?
Read the rest at the Charlotte Observer link below...
By Frank Dowd IV
Special to The Observer
Posted: Thursday, Sep. 17, 2009
