Home > NC Budget and Tax Center > Prosperity Watch: Abolishing corporate, personal income tax eliminates 60 percent of state’s revenue

Prosperity Watch: Abolishing corporate, personal income tax eliminates 60 percent of state’s revenue

Post on January 24, 2013 by Allan Freyer 2 Comments »

In recent weeks, lawmakers in North Carolina have proposed a number of tax reform plans that would abolish the corporate and personal income taxes and shift the state’s revenue base to a consumption tax. As the newest issue of Prosperity Watch describes, taking this approach would immediately eliminate 60 percent of the state’s annual revenue. How would the state fill in this $12 billion dollar hole? See here for more details.

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Comments (Closed):2

david esmay
January 24, 2013 at 3:43 pm
What Berger means by tax reform is undermine the state government’s ability to operate as a government. The problem with these idiot GOP baggers is they hate government, but love to govern. Would a business hire a manager that hates to manage? By weakening the state government, corporations and their GOP lap dogs like Berger, Tillis, and their ilk can rape and pillage NC’s society and environment at their leisure.
Amanda Hubbard
January 25, 2013 at 12:36 pm
This is just another example of how the NC GOP is taking our once great state in a Race To the Bottom. The consumption tax will hit families with children and the elderly the hardest. So sadly many who voted in this super majority will have to bear the burden of these incredibly regressive tax reforms not to mention the cuts to services that these groups will experience.