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