TAR HEEL STATE ADDS $200 MILLION TO ITS ONGOING TAX CUTS
While South Carolina borrows billions of dollars to prop up its crumbling infrastructure and worst-in-the-nation government-run schools, North Carolina is moving forward with additional tax relief for its citizens.
The Tar Heel State – already in the midst of a broad-based income tax reduction – is now looking to further ramp up its tax cuts.
A Senate bill would increase the standard deduction for a married couple filing jointly from $15,500 in the current tax year to $16,500 next year and $17,500 in 2018. Single filers would see their deduction climb from $7,250 this year to $7,750 next year and $8,250 in 2018.
This legislation – dubbed the “Middle-class Taxpayers’ Relief Act” – would net a married couple roughly $110 off their tax bill and a single filer $55. All told, it’s $200 million worth of relief – the majority of which (80 percent) would accrue to taxpayers making less than $80,000 per year.
Oh and get this: Senators passed the cut unanimously. In other words, every single Democrat joined “Republicans” in supporting it.
Something like that would be absolutely unheard of in a state like South Carolina, where liberal “Republicans” invariably join with Democrats to kill anything resembling a tax cut.
Obviously this deduction adjustment isn’t a massive tax decrease, but in the current economy every nickel counts. Remember: Economies don’t grow unless people spend money … and people can’t spend money they don’t have.
North Carolina gets that. South Carolina? Not so much …