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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: