Eliminating NC Income Tax
Updated: Tuesday, January 8 2013, 07:06 PM EST
A Raleigh based conservative think tank is pushing an idea to reform North Carolina's tax code. The Civitas Institute commissioned an independent study that suggests North Carolina would be much better economically if it did away with income tax and replaced it with a consumption or sales tax.
Civitas looked at the 9 states that currently do not have income taxes and compared economic growth. The Institutes policy director, Brian Balfour says "North Carolina needs to stimulate growth and create more jobs. Eliminating the income tax and corporate tax would increase take home pay for residents, stimulate growth and attract new businesses."
Governor Pat McCrory campaigned on tax reform and economic growth. But he has stopped short of saying how he'll reform the tax code. Several state legislators are talking about legislation based on the Civitas study. The institute is also collecting petitions to persuade lawmakers to eliminate the income tax.
By Frank Fraboni
Follow me on Twitter @Frabonz