Oh noes! NC has the lowest business tax burden in the country.
Those commies over at Ernst & Young have put the state — yes, this one here — at the bottom of the list in terms of local and state business tax burden.
This tragic turn of events will ruin the well-honed talking points of the state's heroic radio talk show hosts and make it even harder for the legislature to balance this budget. Now they'll have to entertain the notion that perhaps a tax loophole or two should go along with the myriad of cuts to health care and programs that serve the lower and middle classes.( Talk about burdensome.)
The study also shows that since 2002, only three other states have asked businesses to pay a lower share of state tax increases. Translated that means individuals, through income and sales taxes have paid more than 60 cents out of every dollar of new revenue.
As a wage earner, I am quite satisfied with my tax burden and remain thankful that my employer’s tax burden is low enough that he can afford to pay me said wage because his business remains profitable.
As the wage earner responsible for keeping the books and thus seeing to it that the monthly and quarterly coupons are paid, I can tell you the tax burden on small corporations (ours has four employees) is such that it amazes me that any business remains viable.
Not only does my employer pay his own income taxes, but he pays thousands of dollars each month for state and federal income tax, double social security, and unemployment insurance. That’s on top of worker’s comp and health care.
Do progressives in this state actually believe that raising business and corporate taxes in a recession is a good idea?
I’d like a definitive answer from someone.
Yes Jeff…more businesses need a disincentive to starting businesses here. Ramseur will be losing yet another textile manufacturing plant most likely this week.
Maybe they should unionize…that’ll showem.