Taxes suck. We hate ’em. Well, some wish they could pay more, I’m sure (email me if you’d like to pay my taxes for me…I’ll send you my P.O. Box where you can send your checks), but we generally just don’t like to send our hard-earned dollars to the government coffers. Georgia is sandwiched betwixt two states who currently don’t levy income taxes on residents: Tennessee and Florida.
Now North Carolina Republicans in the legislature are working to ax their state’s income tax:
State Sen. Bob Rucho, a Mecklenburg County Republican and chairman of the Senate Finance Committee, said Wednesday that he hoped to use the 2015 legislative session to eliminate the state income tax, replacing it with a consumption-based sales tax to make up for the lost revenue.
“That’s a direction we’d like to go,” Rucho said in an interview as the state Senate adjourned for the year. Rucho said it was impractical to push for such a steep cut during a short session the legislature holds in even-numbered years, but that cutting the income tax was a top priority of his when the legislature reconvenes for its biennial full session.
North Carolina’s income tax accounts for about 61 percent of state revenue, Rucho said. But the revenue stream has been choppy in recent years, given the impact of the recession. The uneven results on a year-over-year basis can play havoc with annual budget planning in a state that requires a balanced budget, and it’s something Rucho said he wanted to avoid.
Both Senate President Pro-Tem David Shafer (R-Duluth) and Senator Josh McKoon (R-Columbus) sponsored bills to phase out the income tax in Georgia in the most recent General Assembly session.
h/t: Drudge Report