$1 billion in new tax hikes are on tap for North Carolina, a state with an 11% unemployment rate right now, and a forecast of 13% unemployment in early 2010. From the News & Observer: (emphasis is mine):
Sales tax: Either increase by three-quarters of a cent and increase taxes on electricity and natural gas or increase the sales tax by 1 cent without the increases in utility taxes.
Sin taxes: The cigarette tax would increase by 10 to 15 cents per pack. Lawmakers are not saying yet how much they would increase the taxes on alcohol.
Income tax: A 2 percent surcharge on personal and corporate income tax liability for all taxpayers. The surcharge would expire in two years.
It’s enough to make you believe in term limits.
