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Wednesday, August 05, 2009

Higher Taxes in North Carolina

Entreprenuers, investors, businesses and consumers are about to get socked with a huge tax increase in North Carolina. Democratic majorities in the state legislature are scheduled to vote today to send a bevy of tax increases to Governor Bev Perdue (D).

According to a News-Record report, among the increases would be higher personal income, corporate income, sales, tobacco, alcohol and online merchant taxes.

North Carolina already has one of the least competitive tax systems in the nation – for example, ranking 14th worst on SBE Council’s “Business Tax Index 2009.”

These tax increases will only further damage the state’s competitiveness and economy.

Raymond J. Keating
Chief Economist
Small Business & Entrepreneurship Council

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