compared to other states, is the income tax in NC high? perhaps some sort of accounting person who does lots of people's taxes can help me.

4/1/2007 12:56:40 AM

google, ftw!

http://www.taxadmin.org/fta/rate/ind_inc.html

4/1/2007 1:00:42 AM

thanks, this works just as well as google anyway

4/1/2007 1:02:25 AM

http://www.bankrate.com/brm/itax/state/state_tax_home.asp

4/1/2007 1:13:42 AM

^^ I'll take that as a YES.

4/1/2007 1:29:12 AM

the damn self-employment tax sure as hell is

4/1/2007 3:28:15 AM

NC has the highest LOW INCOME tax in the US. so those making the least money here are being taxed harder than any other state. is this in some way because of NC's tobacco industry?

4/1/2007 9:47:57 AM

i know when i went to OCS for the USMC, we all got paid the exact same thing, with the only difference being how much was taken out for taxes. For that reason, I remember getting paid less than almost everyone else.

4/1/2007 11:10:20 AM

there are only 7 states (including dc....yes i know it's technically not a state) whose highest tax bracket is higher than ours. and considering

Quote :

"NC has the highest LOW INCOME tax in the US"

yes i'd say the tax is too high.

4/1/2007 11:18:00 AM

im glad ill be working in VA in 2 months

4/1/2007 1:05:10 PM

there is a major tax break in the governor's budget.

4/1/2007 1:07:34 PM

^ what is it an election year soon? How long has weasly been in power with a democrat state congress, they could have lowered taxes or at least given back the 2 billion dollars last year ( that's 10% beyond what they had planned for if you haven't been paying attention) if they were actually serious about giving the tax payers a break. Smoke and mirrors.

4/1/2007 2:28:23 PM

It is nice to live in a state without a state income tax

4/1/2007 2:38:02 PM

Quote :

"It is nice to live in a state without a state income tax"

You pay some other way.

4/1/2007 3:07:42 PM

Quote :

"what is it an election year soon? How long has weasly been in power with a democrat state congress, they could have lowered taxes or at least given back the 2 billion dollars last year ( that's 10% beyond what they had planned for if you haven't been paying attention) if they were actually serious about giving the tax payers a break. Smoke and mirrors."

because Easely is running for re-election.

4/1/2007 3:15:28 PM

you can deduct your state income tax from your federal income tax.

4/2/2007 12:27:25 PM

^are you sure about that

4/2/2007 12:32:02 PM

thats correct. you have to itemize though to be able to do this.

4/2/2007 2:08:21 PM

NC income taxes are middle of the road. As a percentage of income, our taxes are lower than 27 other states and higher than 22 states.

http://money.cnn.com/pf/features/lists/taxesbystate2005/index.html

4/2/2007 2:24:10 PM

^^ yes, although it's not always worth it. also, remember that a deduction is not the same thing as a credit. it's not a break-even sort of affair. it just softens the blow slightly.

Quote :

"You pay some other way. "

not if you're active duty military and no longer live there! i'm keeping my FL residence after I leave (or I might switch it to WA, which is where I'm going next, if that's more advantageous in any way...but I intend to always keep residence somewhere with no state income tax). FL does screw you with vehicle taxes, though...there's a 6% tax on any vehicle purchase, and it's never pro-rated. If you register a vehicle in FL for even 1 day, you owe the full tax burden for an entire year (so if you buy a car, sell it after a few months, then buy another one, you owe a full year's worth of tax on both of them).

also, car insurace is sky-high down here for some reason, and homeowner's insurance can be killer along the coast where I'm at, but FL doesn't get that money.

4/2/2007 2:25:20 PM

Mike Easley sucks ass and will not be getting my vote.

All he's done since being in office is raise taxes and enact fascist bills like the newest alcohol laws.

4/2/2007 2:59:55 PM

how do property taxes compare in fl? what about sales tax? are corporations, or partnerships taxed any differently then say in nc? are they taxed at all?

4/2/2007 3:29:25 PM

It was nice when I was in the military being from WA. No state income taxes.

4/2/2007 4:07:30 PM

Florida makes up for most of it by taxing visitors to the state.

Sales tax, hotel tax, travel taxes, etc


They fund their state with tourism.


PS. Our state is becoming more and more of a service economy and we need to move to that mold before we go bankrupt. Even though our budget is in good shape currently, the state has noticed a significantly shrinking tax base. If you aren't in the service industry and you're smart you'll support shifting taxation from income to consumption. (especially if you're below 35 years old)



Otherwise, prepare for much higher tax rates in the near future.



[Edited on April 2, 2007 at 4:13 PM. Reason : a]

4/2/2007 4:08:33 PM

FL sales tax is pretty much normal. don't even remember the exact rate...it's 6-7% or so.

they do make a lot of their money off of tourism.

and yeah, i prefer consumption taxes to income taxes.

4/2/2007 7:30:16 PM

Quote :

"compared to other states, is the income tax in NC high?"

Not the highest but it's pretty high.

4/2/2007 11:21:43 PM

it has a really high tax rate for low income

4/2/2007 11:56:07 PM

^you mean a fair tax?

4/3/2007 12:36:40 AM

Quote :

"FL sales tax is pretty much normal."

If by normal you mean "highest in the country" then yeah, its normal

4/3/2007 1:14:34 AM

FL sales tax is 6%. that's no big deal. most counties tack on and addition amount, so it really ranges from 6.0-7.5%

4/3/2007 9:21:06 AM

Quote :

"If you aren't in the service industry and you're smart you'll support shifting taxation from income to consumption. (especially"

explain

4/3/2007 9:51:45 AM

^ well basically our tax base is shrinking pretty rapidly. Most of that is due to a change in our state's economy.

Most services are not taxed (except for a select few like hotels & airlines). You don't pay sales tax when you get your yard mowed, visit the doctor, or get your haircut. You've probably never noticed this but it causes a huge difference in tax allocation.

This means as we shift further toward a service economy here in NC we will have to tax our shrinking base at a higher percentage to make up for the reduced amount of taxation.

An alternative to these taxes is to tax consumption rather than income. It would also rid ourselves of billions of dollars worth of rent-seeking jobs (think IRS jobs)

here is some discussion http://www.brentroad.com/message_topic.aspx?topic=459127

[Edited on April 3, 2007 at 6:23 PM. Reason : a]

4/3/2007 6:20:35 PM

all i know is my nc income tax is about as much as my federal, and i make right around 20k. All said, I take home about 15.5k, being I'm still a FT student and need to mooch the health insurance from the 'rents, and therefore get no breaks.

Take that as you will.

4/3/2007 10:42:14 PM