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View Diary: More evidence that conservative policies just don't work (96 comments)

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  •  North Carolina faces $445 million shortfall (13+ / 0-)
    5/2/14.....The 2013 tax overhaul law reduced income tax rates and broadened the base of income subject to the income tax. While the new 5.8 percent income tax rate is lowering collections today, the base-broadening designed to keep the reduction in check probably won't kick in until taxpayers file return next year, the memo said.

    “The result is a greater fall-off in collections this fiscal year than originally anticipated,” the joint memo said. High-income taxpayers who shifted income to avoid higher federal taxes after 2012 also are probably shifting some earnings into 2014, the memo added.

    Senate Minority Whip Josh Stein, D-Wake, blamed the tax overhaul approved last year for the shortfall, saying Democrats knew it would allow the very wealthy to keep more money instead of providing revenues for things like teacher pay raises.

    "Tax cuts for the 1% create jobs." -- Republicans, HAHAHA - in China

    by MartyM on Thu May 08, 2014 at 08:17:37 AM PDT

    [ Parent ]

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