North Carolina’s 25% Tax Reduction

Yesterday North Carolina’s Governor signed a massive tax reform, into law. The law, among other things lowers the personal income tax rate from 7.75% to 5.75 persent, and the corporate tax rate from 6.9% to 5%. It also completely does away with estate tax.

Supporters are praising it as a model for economic growth, while antagonists of the reform cite heavy cuts to education made in order to pay for the tax reform.

Read both sides:

http://www.atr.org/north-carolina-gov-pat-mccrory-signs-a7770

http://www.huffingtonpost.com/jonathan-weiler/north-carolina-republican_b_3640991.html

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