North Carolina is my new favorite state:
RALEIGH, N.C. — At the moment, seven states across the country don’t levy a tax on income, and North Carolina Republicans want to make it eight, according to a powerful member of the state legislature.
State Sen. Bob Rucho, a Mecklenburg County Republican and chairman of the Senate Finance Committee, said Wednesday that he hoped to use the 2015 legislative session to eliminate the state income tax, replacing it with a consumption-based sales tax to make up for the lost revenue.
Taxing income affects employment. Taxing consumption encourages savings.
Not sure that would be appropriate here, though. Having the right mix of taxes is important, and we have a pretty good one here. Our sales tax is already high. How many more cents on the dollar would it take to replace the revenue from the income tax? I'd guess it would give us the highest sales tax in the nation.
Comments
Taxes are taxes - and all taxes will be deemed "unfair" to some group or somebody. The cost of our Indiana government determines the taxes required and we have inefficiencies galore as well as socialistic redistributions with which to contend.
Changing tax types without changing spending will gain nothing for taxpayers - so let's find cheaper and better ways to provide protection and order for the citizens - and let's get government out such things as unnecessary regulatory functions like renewable energy laws, licensing of businesses to prevent competition and taxing for the purpose of providing privately-owned businesses with publicly-financed facilities.
So we should also take away subsidies for big oil? It's only fair!