Many pay more under new NC tax laws

[noonereal]

Originally Posted by MrPots

Brownback has done the same in Kansas. As it is now, owners of sole proprietorships do not pay income taxes, about 260,000 of them. These are mainly professions, lawyers, doctors and such. Corporate taxes were slashed or eliminated. To make up for it sales taxes and property taxes were increased, as well as shifting the income thresholds for the three levels of taxes so more middle income folks pay at the highest rate and the poorest who were exempt now pay bottom rate.
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Sadly, these things set the stage for social unrest in the future.

[CarlV]

Originally Posted by noonereal

Sadly, these things set the stage for social unrest in the future.

Can you say bread riots?


Carl

[noonereal]

Originally Posted by CarlV

Under the state's new system, all taxpayers pay the same 5.8 percent income tax rate — ensuring that those with the largest incomes will benefit the most. Those who have been paying at the highest 7.75 percent rate will see their total income tax burden reduced by a quarter, while low-income taxpayers paying 6 percent got a more modest cut.

This is straight up shocking.