newsobserver.com projects - Budget highlights - Comments

Re: Budget highlights

DallasWoodho — Sun, 29 Jul 2007 19:14:57 -0400

Spending in this budget will increase almost 10%, well over the increase in population and inflation

Re: Budget highlights

nancync — Sun, 29 Jul 2007 10:07:35 -0400

INCOME TAX: Those in the top income tax bracket fared better. They were hit with a half-percentage point increase in 2001, which also was cut in half last year. The budget allows that tax to expire at the end of the year, putting the tax rate for upper income earners at 7.75 percent.
EARNED INCOME TAX CREDIT: Meanwhile, the working poor will receive an earned income tax credit worth $45 million that allows for some recipients to receive more in a tax break than they would pay in income tax, but the break would not exceed their overall tax burden.

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Once again, the greater majority of NC residents, the middle class, pick up the tab for all.

Budget highlights

bkrueger — Sat, 28 Jul 2007 16:13:10 -0400

For those of you looking for something to do on a Saturday evening, here are some of the highlights from the $20.7 billion state budget tentatively approved today by the House and Senate:

MEDICAID RELIEF AND LAND TRANSFER TAX
The state will take over the counties’ 5 percent share of Medicaid bills in exchange for a half penny of their sales tax revenues. Poor, rural counties are expected to come out ahead on the deal, since Medicaid costs are expected to grow faster than the sales tax revenues. The counties will have the option to raise their sales tax by a quarter penny or their land transfer tax from 0.2 to 0.6 percent, but only through a voter referendum. Fast-growing urban areas had sought the land transfer tax option to help pay for new schools and other infrastructure.

More details after the jump.