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North Carolina Marches Forward On Tax Relief

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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 …

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