North Carolina Commies Demand Billions In Higher Taxes, 80 Percent Corporate Tax

 

The non-partisan fiscal staff found that the Moral Monday agenda, if implemented, would require state lawmakers to raise taxes by $7 billion. For some context, such a tax hike would increase the North Carolina general fund by a whopping 35 percent. The Moral Monday plan would also necessitate a nearly ten-fold increase in the state corporate income tax, taking the rate from 6 to over 50 percent.

Combined with the federal corporate income tax, the highest in the world, if Rev. Barber and crew had their druthers, companies would face a combined corporate tax rate of over 80 percent on profits earned in North Carolina. The likely result of such an onerous tax would be a mass evacuation of companies from Research Triangle Park, Charlotte, and elsewhere in the state.

The Raleigh-based Civitas Institute estimates the Moral Monday agenda would require an additional $10 billion a year in higher tax revenue, which amounts to an unheard of 50 percent increase in the state general fund.

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Entire piece @ Forbes