Tax deduction reduces N.C. burden
Thursday, September 4th, 2008
By Staff
Submitted by ryanteaguebeckwith on September 3, 2008 - 4:04pm.
Tags: alternative minimum tax | Gerald Prante | Internal Revenue Service | Tax Foundation | taxes | Under the Dome
Does the Tax Foundation overstate North Carolina's tax burden?
Critics of the nonprofits rankings of state and local tax burdens note that it leaves out the amount paid by North Carolinians in federal taxes.
That's important because the Internal Revenue Service allows you to deduct your state and local taxes from your income when filing. For states such as North Carolina that rely heavily on a state income tax that means a reduced federal tax burden.
That would affect North Carolina's overall tax burden compared to other states.
"Compared to the rest of the Southeast, North Carolina is probably one of the biggest beneficiaries of the state and local tax deduction," said Gerald Prante, an economist with the Tax Foundation. (more…)
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