Tuesday, June 11, 2013

Everything Old is New Again????

So....we are getting a new NEW tax plan in North Carolina!! You know those states who have no income tax??? Well, in NC we are emulating...no, that is not quite right..we are remodeling our income tax plan!! Wow weeeeeee!! What a fight we are having each and every day in the legislature as these reps attempt to do the dirty deed! It makes your head spin!

I would love to see someone lay this new proposed tax plan out (sort of spread sheet fashion) for a common citizen just to see the impact on their taxes in a hypothetical year. ( I would like to see whether it actually has ANY impact at all.) What is being argued is like going to a zoo for a day! When the zookeepers in the legislature get finished it would seem that we have just moved taxes all around. "Things" that were never taxed before are going to be taxed ( as in services); the tax on income is being changed to a flat tax rate which obviously will favor some folks ( I think), then there are these other little hitches being added to this crazy changing by the day proposal.

It is being said that part of this plan is to levy a state tax on Social Security benefits. This proposal makes so much sense that it makes no sense at all!! The number of elderly folks who need every penny of the Social Security they draw to live on in the state of North Carolina, is probably phenomenal. When or IF they are required to pay out part of it in state taxes, they will no doubt need some other kind of benefits to make up the difference. Just an example (of what seems to me) of just moving needs and taxes from one area to another for the sake of saying we have changed something!!

There are many other things happening with this income tax proposal. As I gain knowledge about this craziness I will update my blog.

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