For the week of
January 25, 2013
- carolinajournal.com
Reaction of the Week
RALEIGH — Replacing North Carolina’s existing income, corporate, sales,
and estate taxes with a new consumed-income tax dubbed the USA Tax could generate 80,500 new jobs in the first year, while boosting the state’s economy by $11.76 billion.
Those numbers are based on an outside analysis of tax reform proposals included in the John Locke Foundation’s new book, First in Freedom: Transforming Ideas Into Consequences for North Carolina.
JLF is set to release the book as new North Carolina Gov. Pat McCrory
and a Republican-led General Assembly turn their attention to potential
tax reforms.
Even a scaled-back version of the USA Tax, combined with a slight
lowering of the sales tax rate and elimination of income, corporate, and
estate taxes, would lead to a $4 billion economic impact and 10,000 new
jobs in the first year, according to the analysis from the Beacon Hill
Institute at Suffolk University in Boston.
“It is our belief, backed up by economic theory and quantitative
analysis, that the proposals made here to transform North Carolina’s
income tax into a consumption-based USA Tax, while abolishing the
state’s corporate and estate taxes, has the potential to generate strong
incentives for businesses in the state to expand while attracting and
stimulating new investment, economic growth, and job creation,” writes
Dr. Roy Cordato, JLF Vice President for Research and Resident Scholar.
An Unlimited Savings Allowance, or USA, Tax, would fundamentally change
the way North Carolina collects taxes, Cordato said. “By taking saved
income out of the tax base, both the principal and the interest are
taxed, but only once when they are ultimately spent.”
News Features
CJ: Competing tax plans seek to stimulate investment
RALEIGH — Efforts are under way to make North
Carolina the first state since Alaska in 1980 to eliminate taxes on
total personal income. Competing proposals also would launch a
pro-growth tax reform renaissance that would scrap corporate income
taxes that discourage capital investment and savings. CJ: GOP lawmakers to give voter ID bill another try
RALEIGH — North Carolinians should expect the
General Assembly to pass a strict voter ID bill in 2013, and it will be
one that will pass federal and judicial scrutiny, a chairman of the
House Elections Committee said.
CJ: NCCU IT director accepted illegal payments
RALEIGH — A state audit has revealed that the
N.C. Central University Law School’s information technology and
facilities director was given improper supplemental benefits to the tune
of $59,271 during the last decade. CJ: N.C. raw milk consumers go out of state
RALEIGH — Selling unpasteurized milk has been
illegal in North Carolina for three decades. But that hasn’t stopped
growing numbers of families around the state from going to extreme
lengths to obtain it. Prosecutors want to crack down on corruption cases
RALEIGH — Prosecutors will make another run at persuading
the state legislature to give them more power to go after corrupt public
officials and complex financial crimes.
Upcoming Events
Monday, January 28, 2013 at 12:00 p.m.
Shaftesbury Society Luncheon
with our special guest Robert Childs, MPH
Reducing Drug Overdose Deaths through 911 Good Samaritan Laws and Naloxone Access Saturday, February 16, 2013 at 7:00 p.m.
JLF 23rd Anniversary Gala Event
with our special guest Stuart Varney
JLF 23rd Anniversary Event with
Fox Business News Anchor
Stuart Varney
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Capital Quotes
“We can’t continue to win elections if we’re giving up such a large number (of votes) to the other party.”
— Glenn McCall, a Republican National Committee member who formerly was a banker in Charlotte, talking to the Charlotte Observer about the importance of Republicans attracting more minority votes.
“I’m saying that we have to find jobs for people. This is becoming a welfare program.”
— Rep. Julia Howard, R-Davie, as quoted by WRAL-TV, about the need for unemployment insurance reform in the state, even if that means beneficiaries no longer receive additional weeks of payments from the federal government.
“Why is this on the agenda at all? NNorth Carolina elections are working.”
— Rev. William Barber, state president
of the NAACP, as quoted by WRAL-TV, questioning the need for a voter ID law.
“We have to remember that we’re not manufacturing automobiles.”
— Catherine Rigsby, chairwoman of the Faculty Assembly and a geology professor at East Carolina University, as quoted by the Raleigh News & Observer, questioning the UNC system’s five-year plan.
On The Air This Week…
This week on C J Radio…
JLF’s Becki Gray provides a legislative preview; Gov. Pat McCrory discusses problems with government buildings and computers; NC State Professor Andy Taylor talks about key fiscal flash points for Congress; Ohio Northern University’s Scott Gerber analyzes Justice Clarence Thomas’ role and impact on the Court; and Carolina Journal’s Rick Henderson explains why former Gov. Mike Easley is back in the news.
This week on NC Spin…
Join moderator Tom Campbell
for another week of political discussion and debate on the most
intelligent television talk show in the state. Topics this week: Senate Republican tax reform plan; UNC finances; voter ID; and immigrant driver’s licenses. This week’s panelists: John Hood, president of the John Locke Foundation; Chris Fitzsimon of NC Policy Watch; political consultants Jeanne Bonds and Chris Sinclair.
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