N.C. Democrats agree on $1B tax plan
Compromise tweaks income-tax penalty opposed by Perdue
RALEIGH (AP) - North Carolina legislative leaders completed a retooled $1 billion tax plan yesterday that includes an income-tax surcharge for higher wage earners to secure a state budget deal and to allay concerns of Gov. Bev Perdue.
House and Senate Democrats reached a tentative agreement on a package that's largely similar to one that fizzled last week when Perdue said she wouldn't accept a provision that required a surcharge of 2 percent on everyone who owed income taxes.
That piece has been adjusted so that low- and some middle-income residents and families would avoid paying the 2 percent surcharge. But the wealthiest taxpayers -- couples whose taxable income is above $250,000, for example -- would face a 3 percent increase on income-tax bills.
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RALEIGH (AP) - North Carolina legislative leaders completed a retooled $1 billion tax plan yesterday that includes an income-tax surcharge for higher wage earners to secure a state budget deal and to allay concerns of Gov. Bev Perdue.
House and Senate Democrats reached a tentative agreement on a package that's largely similar to one that fizzled last week when Perdue said she wouldn't accept a provision that required a surcharge of 2 percent on everyone who owed income taxes.
That piece has been adjusted so that low- and some middle-income residents and families would avoid paying the 2 percent surcharge. But the wealthiest taxpayers -- couples whose taxable income is above $250,000, for example -- would face a 3 percent increase on income-tax bills.
Related Material...
posted by BP News Bureau | 9:54 AM
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