This year the North Carolina Senate raised taxes about 100 times on literally every single citizen of the state in so many different ways, I cannot even count them all. They raised taxes on movie theater tickets, newspapers, cell phones, cable TV, income, and anything else they could grab. They also raised taxes on businesses.

The tax increase on businesses will be denied by those in the Senate, as they are living in an alternate reality. They will claim to have "changed the formula" and not raised the tax. The "formula change" will result in over $45 million changing hands from businesses to the state.

Previously, if a company based in North Carolina had a substantial percentage of it's sales to other states, those portions of the sales were not taxed by North Carolina. The formula change will make North Carolina based companies pay taxes on all their sales, no matter where the sale is made.

Before you liberals scream, "Good, businesses need to pay more," a quick lesson in very basic economics -- businesses will not sell you something for less than it costs to make it. Therefore, if the business has to pay $45 million in taxes to the state, the cost of doing businesses just went up by $45 million, so the cost of the items they sell MUST go up by $45 million.

So yes, the North Carolina Senate (Democrat) raised taxes on the people of North Carolina by $45 million in this move -- and encouraged businesses to move out of North Carolina.

Posted by: Ogre at 06:50 AM | Comments (2) | Add Comment
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