Friday, June 10, 2005

N.C.'s Personal Income Tax Rate Is 11th Highest in Nation

Very clear article in today's N&O about the shifting of the state tax burden from rich and corporate sources to the backs of working people. In the early 1970s, the amount of state income taxes paid by working individuals was some three times what corporations were paying. Now that disparity has grown much wider: working people pay eight times as much in state income taxes as corporations. "As of two years ago, individual income earners paid about 50 percent of the state's total taxes, while corporations paid 6 percent."

And if The Guv (bless his heart!) and the state Senate have their way, the disparity will grow even wider with this year's budget. Easley and the Grandees of the Senate want to lighten the burden on the richest North Carolinians AGAIN, and further shift that burden to salaried schlubs.

Not that the N.C. House is any great champion of working people, but compared to these other nominal Democrats at the helm, they seem at least AWARE that the shifting of the tax burden onto working people is going forward at an accelerated rate. The House passed a different budget package that does not drop the tax rate on the richest. But don't hold your breath.

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