Tuesday, August 4, 2009

N.C. budget: Read it for yourself

For those of us who don't speak "budget," the money report summarizes spending and cuts by category.

The budget bill includes a breakdown of what the individual tax increases are projected to raise this year.

* Individual income surcharge: $172.8 million.
* Corporate Income tax $23.1 million.
* 1-cent sales tax increase: $803.5 million.
* Apply sales tax to digital downloads and Internet purchases: $11.8 million.
* Increase excise taxes on tobacco and alcohol: $68.8 million.

Gov. Beverly Perdue this morning expressed satisfaction and relief that North Carolina was on the verge of getting a budget.

"I don't know about you, but I'm glad it's about over," the governor told the Council of State, a body of statewide elected officials, at their monthly meeting.

Perdue said the budget compromise met her two main conditions: no across-the-board income tax hike and no across-the-board increase in class sizes in the public schools.

But she added that there will be "tremendous cuts" as the state moves to close a huge deficit. The budget would raise income taxes on individuals earning $60,000 or couples earning at least $100,000.

The budget would maintain class sizes from kindergarten through the third grade, and would leave it up to local officials whether to cut the higher grades.

- (Raleigh) News & Observer

4 comments:

Anonymous said...

Aren't all of these budgetary allocations against what good 'ol Bev was promoting during her race...

Anonymous said...

Are you freakin kidding me? Since when does $60k a year put someone in the 'wealthy' category - Bev, you suck. I didn't vote for your tax raising butt - can I please be dismissed from this???

Anonymous said...

What ever happened to belt tightening when the economy is down, or does that only apply to households?

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