Summary: House budget

ryanteaguebeckwith — Thu, 10 May 2007 22:56:52 -0400

The House passed a second reading of its two-year budget on a 68-51 party-line vote tonight. Here's a quick summary of the arguments for and against the bill. (Not direct quotes.)

Rep. Bill McGee: I don't like the certificates of participation. We have too much debt. What'll happen in the future? Rep. Deborah Ross: That's not a big deal. We have an excellent credit rating. Rep. Bill Owens: Don't vote against the budget just because you don't like two percent of it. Rep. Paul Stam: Yeah, but that two percent caused us to break our word on the "temporary taxes." Rep. Leo Daughtry: We didn't even get a chance to vote on them. Rep. William Wainwright: That money will be well spent on worthwhile programs. And the budget also provides a tax credit for adoption, an Earned Income Tax Credit and tax cuts for small businesses. Rep. Pricey Harrison: And lots of good conservation stuff too. Rep. John Blust: Come on. We would throw a CEO in jail for signing a financial statement this dishonest. Rep. Annie Mobley: Can't we all just get along?

(Earned Income) Tax Day

ryanteaguebeckwith — Tue, 17 Apr 2007 12:53:22 -0400

This Tax Day, some argue that more North Carolinians should be getting money back.

More than 20 representatives of advocacy groups met at the Capitol Post Office in downtown Raleigh at noon to argue for a state Earned Income Tax Credit.

The credit would piggyback on the federal program, which offsets payroll and income taxes for low-wage workers and provides some with a refund.

Reps. Alma Adams and William Wainwright spoke in favor of their bill, which would give 5 percent of the federal EITC, or $235 for a family receiving the current maximum federal credit of $4,716. (Wake Reps. Linda Coleman and Deborah Ross are co-sponsors.)

But Marybe McMillan of the AFL-CIO said the EITC campaign will call for a 10 percent match worth $472 for the same family. That would cost the state about $134 million.

Democratic gubernatorial contenders Lt. Gov. Beverly Perdue and Treasurer Richard Moore support a state EITC, but Gov. Mike Easley prefers eliminating the state income tax for the lowest earners instead.