On November 8, voters in Wake County will be presented with a ballot full of national, state, and local races. But they will also face a question that could cost them billions of dollars over the next decade.
North Carolina’s tax code penalizes savings and investment by double taxing their returns— specifically interest, dividends, and capital gains. These biases can only be eliminated by removing savings and investment from the tax base, or by eliminating the returns to saving; for example abolishing the taxation of capital gains.
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