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


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?

Web Design Company said...

Nice information, many thanks to the author. It is incomprehensible to me now, but in general, the usefulness and significance is overwhelming. Thanks again and good luck! Web Design Company