'REFORMING' NC TAX POLICY

We're not entirely sanguine about the prospects for a 'reform' of our state's tax policy led by Senator David Hoyle. We'll hope for the best. But the whole process needs close monitoring.

The Charlotte Observer story reports this:

Corporate income tax, as a percentage of overall [state] revenues, has declined from 12 percent 20 years ago to 7.4 percent. Personal income tax has risen from 47.5 percent to nearly 54 percent.

In other words, the tax burden has been shifting more and more onto individual wage-earners and away from corporations. Do we expect Sen. Hoyle, the greatest friend to big business, to correct that trend? We don't know. We can always hope. We can also hold our breaths until we turn blue.