Something you should be aware of is a new compilation by the Civitas Institute that gives a broad overview of North Carolina taxes over the last few decades. It’s called “The Truth About NC Taxes.”
Why another examination of how tax reform has helped North Carolina citizens? It’s interesting and important because it not only tells the story of the successes of the Reform Majority that began to rise to power in the state legislature in 2010 in cutting taxes and making them more reasonable for families and businesses, it gives the context of how taxes were under liberal legislative control in years prior to 2010.
Brian Balfour and the tax watchdogs at Civitas gives a year by year summary of where taxes stood before under liberal control, and how tax reform addressed lowering the tax rate and the subsequent relief for the taxpayer.
One story that brought back memories was about the confounded ¾ of a penny sales tax hike, sold by the liberals as a temporary measure early in the 2000s, that hung around each year to the point that when Governor Bev Perdue included it again in her 2011 budget proposal, it represented an estimated $826 million dollar cost to taxpayers – almost a billion dollars.
The new Reform Majority let the “temporary” sales tax “sunset” (or go away) in the budget they passed, only to have the Governor veto their budget. Her veto was overridden in a moment of high drama for the new legislative leadership and NC taxpayers enjoyed a tax cut that should have happened years before.
The article also tells of how the liberal media in North Carolina viciously attacked the efforts of the tax reformers, decrying and ridiculing the reformers’ assertations of tax relief for most of NC taxpayers – attacks which were ultimately proven to be largely inaccurate.
And of course the Civitas article relates the stories of national rankings praising the tax reformers’ good work – like that from the national Tax Foundation showing North Carolina rising from 7th worst state business tax climate in 2012, to 17th best the following year, after the Reform Majority’s major tax reform push in 2013.
The article is a good, comprehensive look at tax reform and how family taxpayers were able to hold on to more of their hard-earned wages, how and businesses were able to save money and use it instead to expand and create jobs.
There’s many more stories and that’s why we recommend this article as top-notch reading for a full understanding of NC tax reform and why the struggle to keep taxes low continues and is critical to keep fighting.