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NC Budget and Tax Center

Comprehensive tax reform remains vague and “short on details” as the 2013 legislative session is beyond its halfway point. Nevertheless, stand-alone bills continue to make their way through the legislative process that would provide tax cuts to the state’s wealthiest individuals. Policymakers have just voted in the House to eliminate the estate tax and both the Senate leadership and the Governor have stated their commitment to do the same.

Proponents of eliminating the estate tax argue that the tax punishes small businesses and small farms in North Carolina. Evidence shows this claim to be false. The estate tax applies to a small number of taxpayers in North Carolina – less than one percent. For tax year 2011, only 23 North Carolina tax filers were subject to the estate tax, according to the North Carolina Department of Revenue. The reality is that the overwhelming majority of small businesses and small farms will not a pay an estate tax while heirs of the wealthiest estates in the state will. Read More

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Student protest 2It’s beginning to look more and more like this will be a spring and summer of protest and direct action against the ongoing corporate takeover of state government. This week featured multiple demonstrations and 20 arrests of peaceful demonstrators in Raleigh.

Now, organizers are calling for another mass demonstration next Tuesday May 7 at 3:00 pm at the General Assembly. Stay tuned for more details.

Meanwhile, click here for information on how you can contribute to the legal defense fund for the students arrested yesterday. You can read more about the students’ positions and decisions by clicking here.

 

 

 

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LegislatureAnother day on Jones Street, another day of rolling back the 20th Century. Here are just some of the regressive proposals on tap for today along with the names they ought ot be known by:

The Predatory Lending Protection and Expansion Act — The Senate will vote on this proposal to jack up interest rates and fees on consumer finance loans at a time of record low interest rates.

The Erosion of NC’s Commitment to Public Education Act — The Senate will also take up this proposal to create a separate authority to (sort of) oversee charter schools. The new conservative head of the State Board of Education called the proposal unconstitutional this morning. Read More

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Student PowerWith chants of “student power!” and “hey, hey, ho, ho, Art Pope has got to go!” 250+ college students and supporters descended on Raleigh this afternoon for a May Day demonstration against the right-wing takeover of North Carolina state government. 

Backed by drums and megaphones and sporting banners and signs decrying cuts to education and other regressive policies, the students followed a cordial police escort in a circuitous march around downtown that featured stops at the Pope-Civitas Institute offices (pictured at left), Moore Square Park, the U.S. Post Office, Raleigh City Hall and the General Assembly.     

At last check, the event was slated to wrap up with a series of talks by progressive leaders on Halifax Mall behind the General Assembly. It is scheduled to conclude at 8:00 p.m.

In a somewhat amusing side note, the Pope-Civitas Institute distributed a fundraising email just hours afte the protesters visited their offices featuring pictures of some of the young people. No word yet on whether that email was sent directly to State Budget Director Pope, who has long provided the vast majority of the organization’s funding.

NC Budget and Tax Center

North Carolina lawmakers are barking up the wrong tree when they claim that corporate tax cuts, such as those proposed in the state Senate, will spur job creation and economic growth. In reality, those tax cuts will do more harm than good, in both the short- and long-term.

Every dollar that Senate Bill 677 would give away in a tax cut has to be made up for with a tax increase on another business or individual or with cuts to schools, health care and other vital services that provide a strong foundation for our economy.

This tax plan would cost the state $344 million once the tax cuts were fully phased in, according to the Legislature’s Fiscal Research Division. Read More