- The Progressive Pulse - http://pulse.ncpolicywatch.org -

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

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 [1]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 [1]for more details.