• John Locke Update

    Four Key Differences Between the House, Senate, and Cooper Budget Plans

    posted September 13, 2021 by Paige Terryberry
    The North Carolina General Assembly is still finalizing a two-year budget. Budget proposals from the House, Senate, and governor would have varying effects on North Carolina’s fiscal future. Spending restraint, tax cuts, and considerable savings would contribute to more opportunities and bigger paychecks for North Carolina families.
  • John Locke Update

    House Budget Plan Features Tax Cuts, Assertive Infrastructure Spending, and Pay Raises

    posted August 11, 2021 by Paige Terryberry
    The House budget plan, per previous agreement, would spend about the same total amount as the Senate plan. Differences exist, however, primarily with a less aggressive tax cut plan and more aggressive pay raises to teachers and state employees. Similar to the Senate plan, the House proposal would set aside significant funds in the Savings Reserve and Capital Infrastructure funds.
  • John Locke Update

    How Not to Argue Against Tax Cuts

    posted June 30, 2021 by Brian Balfour
    Despite weak opposition to the Senate tax plan, tax cuts benefit more than just the one with the reduced legal tax liability. Low- and median-income households receive a much larger benefit from the Senate’s rate cuts.
  • John Locke Update

    Three Reasons Why North Carolina Should Eliminate Its Corporate Income Tax

    posted June 7, 2021 by Brian Balfour
    Eliminating the state corporate income tax would enable a more fair tax climate for businesses. Research shows that workers are most harmed by the corporate tax. Corporate tax elimination, combined with reducing or eliminating crony handouts, would strike a major blow against corruption.
  • John Locke Update

    Corporate Tax Elimination Means Relief for Workers

    posted May 27, 2021 by Brian Balfour
    The Senate tax plan would continue to build upon the past decade of successful tax reforms. Critics say corporate tax elimination only benefits “wealthy corporations.” Research shows, however, that workers are the biggest beneficiaries of corporate tax cuts.
  • John Locke Update

    State revenue picture continues to improve

    posted November 23, 2020 by Joseph Coletti
    North Carolina state government continued to have strong finances seven months after the economy first began to slow in March. Budget writers should nevertheless be cautious about adding spending commitments, however.
  • John Locke Update

    Cautiously Optimistic FY 2021 Budget Update

    posted September 17, 2020 by Joseph Coletti
    Just before Labor Day, Gov. Roy Cooper signed the final bill appropriating money from North Carolina’s $3.6 billion share of the Coronavirus Trust Fund. He was clearly under duress. A veto of the bill that passed with large bipartisan majorities would surely have been overridden.
  • John Locke Update

    State budget review and preview

    posted August 26, 2020 by Joseph Coletti
    Lacking any guidance from Congress on the Coronavirus Relief Fund question, budget decisions will continue to be made in a fog of uncertainty. It underscores the need for even more spending restraint than the General Assembly has demonstrated since 2011.

corporate income tax by Author