RALEIGH – The conference report for Senate Bill 99, the legislation modifying the fiscal budget for the upcoming fiscal year, has received a lot of attention for purely political reasons. However, it contains several provisions that will affect every taxpayer in the Old North State, one of which is the implementation of a scheduled cut to sate income tax rates.
Despite the smears of Republicans offered by Democrats, claiming the former cares more about corporations and the wealthy than school kids and the working poor, the Republican majorities over the last several years have instituted truly significant and positive changes when it comes to the sanctioned theft that is the income tax.
In fact, after this latest cut, more than 99 percent of taxpaying North Carolinians will pay less income taxes, or no income taxes as well. Part of the reason for this is the flip-side of the tax cuts coin that the Left rarely mentions when maligning Republican tax policies – the standard deduction.
Before Republicans embarked on their tax reforms, the standard deduction, the amount of income shielded from state income tax, has nearly tripled. Starting off at a mere $6,000 for married filing jointly, the standard deduction – affectionately known as the zero tax bracket by former state senator Bob Rucho (R) – has now risen to $17,500.
That alone has resulted in thousands of lower income North Carolinians coming off the tax rolls entirely, flying in the face of Democrats’ attacks on the tax reforms as mere pandering to the “wealthy.”
Actually, Gov. Roy Cooper’s budget recommendations included plans to do away with this latest tax cut, effectively raising the rates on those with incomes exceeding $200,000. To Roy, $200,000 means you should face an extra tax burden because you’re so wealthy you can afford it.
This logic follows that of the socialist creed, ‘To take from those with ability, to give to those with need.’
However, those with ability enough to earn $200,000 make up thousands of small business owners through out the state. You know, the small business owners that pour themselves into their entrepreneurial ventures, make communities go ’round, and HIRE people.
This is just one example of the stark differences in governing and tax philosophy between the Republicans and the Democrats. The latter kicks and stomps about more money for this, that, and the third, but that money has to come from somewhere – YOU.
Thank goodness we’ve been able to knock tax rates down for everyone. Let’s hope that the Democrats kicking and screaming remains just that, and you can keep their hands out of your pocket come November.