NC - 5.8% Proposed Tax Plan ...

[BnG_Hevn]

Does anyone know anything about it, if will pass and if so, what other taxes will be raised created /added?

[Hindes204]

Tax Reform Proposal Highlights

Personal Income Tax:

Reduces and simplifies the 3-tiered state personal income tax from the current maximum rate of 7.75% and minimum rate of 6% to 5.8% in 2014 and 5.75% in 2015.
Increases the standard deduction for all taxpayers, applied to the:
​;First $15,000 of income for those married filing jointly
First $12,000 of income for heads of household
First $7,500 of income for single filers;
Retains the state child tax credit and increases it for families making less than $40,000;
Offers a $20,000 combined maximum deduction for mortgage interest and property taxes;
Makes charitable contributions fully deductible;
Protects all Social Security income from state taxes.
Corporate Income Tax:


Reduces the corporate income tax from 6.9% to 6% in 2014 and then to 5% in 2015 a 29% rate reduction.
If the state meets revenue targets (i.e. if tax revenue grows due to a growing economy), the corporate income tax will drop to 4% in 2016 and 3% in 2017.
Other Highlights:


Caps the state gas tax;
Eliminates North Carolina’s death tax;
Preserves the sales tax refund for nonprofits.
- See more at: http://www.governor.state.nc.us/news....IJIvVuYQ.dpuf

[ALLD]

No offense to anybody, but I dislike NC immensely and that is before you get buried in taxes.