The state’s personal and corporate income tax rates would gradually decrease under two major tax bills introduced Wednesday by leading Senate Republicans.
Under Senate bill 669, the personal income tax would fall to 4 percent by 2016 for most households, and married couples making less than $12,500 would pay no income tax. The state’s current rate for the top income bracket is 7.75 percent – the highest in the Southeast.
The legislation doesn’t specify any offsetting spending cuts or other revenue increases, so this will increase North Carolina’s budget deficit, making plain and pathetic liars of the Republicans who promised fiscal conservatism and budget sanity in 2010.
Another important thing, new Republican Govenror Pat McRory is already rolling around in the new Raleigh swamp:
Gov. Pat McCrory’s campaign raised $156,394 with the help of nine men and a woman who will take their seats Thursday as his appointees to the state Board of Transportation, according to financial disclosure statements released Wednesday by McCrory’s office.
The Republican culture of corruption is alive and well.