Senate tax reform bill headed for vote - WECT TV6-WECT.com:News, weather & sports Wilmington, NC

Senate tax reform bill headed for vote

The state Senate is expected to take a first floor vote Thursday on the Republican-led tax reform plan The state Senate is expected to take a first floor vote Thursday on the Republican-led tax reform plan

 

RALEIGH, N.C. (AP) - The North Carolina Senate is advancing a tax overhaul that repeals corporate income taxes without a major expansion of sales taxes.

The bill that the Senate Finance Committee endorsed Wednesday also lowers income rates and repeals local sales taxes on food. The chamber's first plan lowered rates on corporations but greatly expanded sales taxes.

Critics argue billions in tax cuts will largely benefit the wealthy and force local governments to raise property taxes to recoup lost revenue.

The sponsor of the Senate's first tax overhaul proposal said the new plan isn't true reform because it doesn't add more sales taxes for services.

Backers of the plan point to analysis that shows the state would become far more attractive to business.

The bill is expected to reach the Senate floor Thursday.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

 

  • PoliticsMore>>

  • Candidate filing begins for 2018 elections

    Candidate filing begins for 2018 elections

    Monday, February 12 2018 6:26 PM EST2018-02-12 23:26:38 GMT
    Candidates have started to file for run in 2018 elections.Candidates have started to file for run in 2018 elections.

    The filing period is underway for candidates wanting to run in 2018 General Elections across North Carolina.  Voters will be electing candidates in several offices, including county commissioners, school board members, district attorneys, sheriffs and members of the state house and senate. All legislative seats are up for election in 2018, along with two congressional seats.

    More >>

    The filing period is underway for candidates wanting to run in 2018 General Elections across North Carolina.  Voters will be electing candidates in several offices, including county commissioners, school board members, district attorneys, sheriffs and members of the state house and senate. All legislative seats are up for election in 2018, along with two congressional seats.

    More >>
  • Burr, Rouzer, Tillis respond to State of the Union

    Burr, Rouzer, Tillis respond to State of the Union

    Tuesday, January 30 2018 11:52 PM EST2018-01-31 04:52:44 GMT
    Members of Congress send reactions to President Trump's State of the Union Address. (Source: Associated Press)Members of Congress send reactions to President Trump's State of the Union Address. (Source: Associated Press)

    Lawmakers that represent southeastern North Carolina in Congress released statements following President Donald Trump’s first State of the Union Address on Tuesday night. Senators Thom Tillis and Richard Burr, along with Rep. David Rouzer (R-NC 7th District), had comments following the president's speech. .

    More >>

    Lawmakers that represent southeastern North Carolina in Congress released statements following President Donald Trump’s first State of the Union Address on Tuesday night. Senators Thom Tillis and Richard Burr, along with Rep. David Rouzer (R-NC 7th District), had comments following the president's speech. .

    More >>
  • Julia Boseman to run again for county commissioner

    Julia Boseman to run again for county commissioner

    Friday, January 12 2018 3:40 PM EST2018-01-12 20:40:38 GMT

    Julia Boseman told WECT Friday that she will run again this year in the New Hanover County Commissioners' race. 

    More >>

    Julia Boseman told WECT Friday that she will run again this year in the New Hanover County Commissioners' race. 

    More >>
Powered by Frankly