This is from this morning’s Fayetteville Observer:
“The state’s fiscal year began last week, but it did so without benefit of a new budget. That’s on hold until the House and Senate can agree on much-needed changes in the tax code.
Unfortunately, the two legislative bodies are miles apart in their tax plans and appear determined to stay that way for a while. Until they settle on the way they’ll tax us, they can’t move forward on the way they’ll spend the money.
The Senate did blink last week. It passed a watered-down version of its tax plan Wednesday. But even that modified bill may be stronger medicine than many state interests want to take. It eliminates corporate income taxes over the next few years and cuts personal income taxes to a flat 5.75 percent.
Legislative analysts conclude that the measure will be most beneficial to the wealthy. Read More…