FY 2010-11 State Budget Sets Spending at Its Lowest Level in 14 Years
State spending has fallen to its lowest level in 14 years, a new report from the NC Justice Center’s Budget & Tax Center finds. The report says that passage of the new budget reflects the gradual erosion of the state’s tax base and a deep, prolonged recession.
Gutting North Carolina’s ability to collect from corporations that deliberately underreport their in-state earnings would hurt small businesses and drain revenue from the state, according to a new report by the NC Budget & Tax Center. [Continue Reading...]
No big surprises in spending but some major policy shifts proposed
Earlier this week, the NC Budget & Tax Center (BTC) released its report on the Senate’s budget. The following are some highlights from the BTC report, which pays close attention to the budget’s potential impacts on low-and moderate-income North Carolinians.
Times of recession bring countless and untold consequences for society and for individuals. The pace of economic trends, such as the decline of certain industries, accelerates, and individuals suffer economic setbacks such as lost wealth and wages from which many will never recover. [Continue Reading...]
After navigating troubled budget waters last year, North Carolina’s lawmakers must once again guide the ship of state through perilous fiscal circumstances, a new report finds. [Continue Reading...]
Wondering about the impact of last year’s federal Recovery Act in North Carolina? Here are some scenarios to consider: Imagine 10,000 North Carolina public school teachers receiving pink slips. [Continue Reading...]
North Carolina’s House and Senate couldn’t agree on a final two-year budget before the start of the new fiscal year on July 1, so they’ve passed a “continuing resolution” to get North Carolina through the two next two weeks. The resolution authorizes state agencies to spend up to 85% of their originally authorized budgets from the previous fiscal year. [Continue Reading...]
The Senate Finance Committee’s proposed tax modernization plan would require an additional 0.3% of income ($32 average annually) from the lowest income earners, 0.1% of income ($32 average annually) from middle-income taxpayers and 0.1% of income ($958 average annually) from the highest 1% of income-earners. A new report by the NC Budget & [Continue Reading...]
Recently, in case you missed it, the North Carolina House of Representatives began playing a game – a game in which you and every other North Carolinian is a player with an enormous stake. [Continue Reading...]
The North Carolina Budget & Tax Center just released a new issue brief looking at the state's worsening budget gap. This budget shortfall is more than 20% of the current state budget which means that NC has the 11th largest projected budget gap for fiscal year 2009-10. This means that the NC House [Continue Reading...]
North Carolina often acts like a fool in love with big business. State leaders continue to aggressively pursue an economic development strategy that relies on offering as much as possible by way of cash and tax incentives to a few large, typically well-known corporations. These corporations, which have included Dell Computers and Google, court officials at the state Department of Commerce, and the officials flirt right back by flaunting their ample packages of taxpayer-funded goodies. [Continue Reading...]
When Governor Beverly Perdue released her first proposed state budget on March 17, 2009, most advocates breathed a sigh of relief. The budget calls for relatively few cuts in state programs and services and no furloughs or pay cuts for state employees. A closer look, however, reveals the trade off is a precariously [Continue Reading...]
The John Locke Foundation, a Raleigh-based conservative think tank, recently released its annual “By the Numbers” report that compares the different tax levels of North Carolina’s 100 counties and most of the state’s cities. The bulk of the report merely lays out data showing the total taxes collected in each community and then shows the taxes collected per resident and as a share of the total personal income in the community. [Continue Reading...]
The NC Budget & Tax Center (BTC) has developed a plan for raising revenues that will help to address the state's budget gap while simultaneously improving the long-term stability, adequacy and fairness of the state tax system. The BTC's plan, if enacted, would fill in approximately 30% of the state's budget gap in [Continue Reading...]
Shhh. Don’t look now but a new study is casting doubts on some of the traditional rhetoric swirling around about North Carolina’s taxes. [Continue Reading...]
