WBTV Speak Out Editorial: Consumption or Income Tax: Have a Preference?

WBTV Speak Out Editorial: Consumption or Income Tax: Have a Preference?

"Speak Out" is an expression of opinion from the Editorial Board of WBTV, and is presented by General Manager, Scott Dempsey.

You’ve probably heard the saying, "Nothing is certain but death and taxes." We'd like to get your feedback on the latter - TAXES.

North Carolina’s state legislature wants to move toward eliminating the state income tax altogether.
In the fall, legislators passed the budget, which included income tax cuts. But they added a "consumption tax."
That consumption tax went into effect last month. So you and I are now paying an additional sales tax on services like repairs, installation and maintenance.
Maybe you've noticed that on some of your receipts already.

It's debatable which method of taxation is better.
A pro of consumption taxes: you're only responsible for taxes on items you consume.
It's also argued that it's a reliable form of revenue for the state if there's an economic downturn.
People will always be buying groceries and clothes, and getting their cars repaired.
But some believe that for lower income residents who don't have a lot of liquid dollars to spend, paying a consumption tax on needed items could be a financial burden.

States like Florida, Texas and Nevada don't have state income taxes.
But the tax beast must be fed. Would you be willing to pay a 10% sales/consumption tax instead?
Let us know. Better yet, let the decision-makers in Raleigh know how you feel about it.

Tell us what YOU think. SpeakOut@wbtv.com