Top of the Morning

Top of the morning

More clues about the agenda of the new Republican majorities set to take over the House and Senate when the General Assembly convenes in January.

Republican Senator-elect Buck Newton from Wilson pledged again not to raise any new revenue next year and instead wants to address the $4 billion budget shortfall with cuts alone, regardless of the pain it causes. Nothing new there.

Newton also shared his tax reform philosophy with the Wilson Daily Times. He wants deep cuts to corporate and personal income tax rates and says the regressive sales tax should be the state’s primary source of revenue.

That’s quite a plan. Slash services to the poor and then make them pay a higher percentage of their income in taxes.

9 Comments

  1. William Murrat

    November 15, 2010 at 8:49 am

    So we go back to 2003 spending levels. The world will not end !

  2. HunterC

    November 15, 2010 at 10:43 am

    If 2003 spending levels were coupled with 2003 unemployment numbers, then you might have a valid argument, William.

  3. William Murrat

    November 15, 2010 at 11:08 am

    As my mother used to say, “You make do with what you have”. If we raise taxes, then we risk even more unemployment.

  4. bruce

    November 15, 2010 at 11:25 am

    Our next door neighbor, Tennessee, has no state income tax with a slightly higher sales tax that everyone pays. Haven’t heard of any mass exodus to NC or people’s bodies being collected in the streets.

  5. HunterC

    November 15, 2010 at 11:50 am

    How strange it is that NC is ranked better for business than TN, isn’t it?

    Must not have a thing in the world to do with income taxes…

  6. Steve Harrison

    November 15, 2010 at 12:35 pm

    Correct me if I’m wrong, but if the Republicans do make “deep cuts” to corporate/personal income tax (collected), the budget shortfall will be larger than the 4 billion projected. Maybe much larger. Right?

  7. gregflynn

    November 15, 2010 at 1:03 pm

    Then there’s that population increase of 1 million people in NC since 2003.

  8. bruce

    November 16, 2010 at 8:35 am

  9. bruce

    November 16, 2010 at 8:35 am

    Rankings for business environment are very suspect due to factors considered. The most touted review in NC, Site Selection Magazine, heavily weights incentives and business startups, regardless of size. A company opening a location in NC with 5 employees gets the same weight as a company opening with 500 employees. Try this one out: http://www.taxfoundation.org/files/bp60.pdf