Hey NC taxpayers. The NC Tealiban just screwed you all royally

[Triana]

Just got this from a CPA firm:

The North Carolina General Assembly recently enacted House Bill 998 which becomes effective for taxable years beginning on or after January 1, 2014. Under this new law, taxpayers may no longer claim a personal exemption for themselves, their spouse, children, or any other qualifying dependents. Additionally, many deductions and tax credits that impact North Carolina withholding tax are no longer available for tax years beginning on or after January 1.

Everyone has to fill out a new W-4 and for tax year 2014 the middle class's taxes are going UP.

Of course.

[Tigress DEM]

1. But it goes up on the rich too, right?

SORRY.

[hollysmom]

2. do you think this will be covered in the news there?

don't forget they increased the sales tax, seems like only the rich got a tax cut, you know how hard they are struggling to live on their millions.

Also they allow people who send their kids to private school to a tax deduction, but not people who have no kids in school, so only the poor and old will pay for public schools now. Great work there tea party. Do you think they can get voted out now? Or are people just that dumb?

[Heather MC]

3. They are that dumb! I have little faith in the masses.

I am in VA I can't believe over a million people voted for the tea turd AG a month after the Government Shutdown.

Or look at NJ, they fell for the Christie Marketing Campaign and completely ignored hi record.

I Doubt NC has enough informed voters to make the sweeping changes needed. I do HOPE I am Wrong. My mother lives in NC. And for religious reasons she doesn't vote. So she is at the mercy of other people's decisions

[hollysmom]

4. good graph of the changes, I can't believe the got rid of medical deductions as well!

http://www.southernstudies.org/2013/07/institute-index-north-carolina-tax-revamp-helps-ri.html

If anyone votes for these people again, well, they should be shot. We don't need them reproducing and bringing down the intelligence of human beings like that.

[Heather MC]

5. It crazy how little people care about how these things negatively effect them

They will blame Obama, and keep voting against their own interest

[Kablooie]

6. This is becoming a shining example of what Republicanism is really about.

This needs to be advertised to all the Republican states.
They aren't about lower taxes for YOU.
Only for THEM.

[blkmusclmachine]

7. And these are the people the Democrats keep trying to make nice with, too. Disgusting.

[ReRe]

8. For all the world, I can NOT...

... figure out the logic. Does this refer to NC State Taxes only? Or is this the Assembly's interpretation of tax law coming down by the Fed gov't/IRS?

[Triana]

9. NC State, as I understand it

Besides upping sales taxes, they're apparently saying no one can claim any allowances for themselves or dependents ie: single and one (you now MUST claim single and 0) - and no deductions for home mtge interest or property taxes (for most people).

So they're raising taxes on the middle class, in order to give tax breaks to the rich (who will still get them and a cut atop it) - somebody has to provide welfare to the 1% - and it's the rest of us.

Anyway, that's how I understand it. I believe the new NC tax law is an ALEC model bill - like most of the others we're being assaulted with here now.

[Triana]

10. . . .

[littlewolf]

11. well in April when people do their taxes, they will get a surprise,

and in Nov, the GOP will get a surprise.

[Triana]

12. I wonder if that'll knock any of them out of their Tea-induced stupor.

Probably not.

[Enthusiast]

13. It might convince non teabaggers, however.

We can hope.

[ccberg24]

14. I freaked out a little when I saw the elimination of personal and dependent exemptions...

....but another letter from my CPA today 'splained that part of it a little better: "While the Act eliminates the
personal exemption, it increases the standard deduction from $3,000 to $7,500 for
single taxpayers or married taxpayers filing as single; from $4,400 to $12,000 for
single taxpayers filing as head of household; and from $6,000 to $15,000 for married
taxpayers filing jointly."

That one small part of this crap of an act actually does simplify the tax code a little bit, which is sorely needed.

Don't get me wrong, I am so, so, so not a fan of soooooo many other things that HB 998 does: elimination of earned income tax credit, huge shift from income based to consumption based tax system (hello, regressive anyone?), flat tax of 5.8% instead of a progressive tax rate based on income (hello, more regressive, anyone?), complete elimination of the estate tax, the list goes on and on and on...hell, we're even taxing bakery thrift shops now, which is sure generous to those in need, but we DID preserve the $1500 sales tax cap on freakin' yachts. Bravo.

[alarimer]

15. The problem is that we are going to see more money taken out of our paychecks immediately.

We may get it back when we file 2014 taxes, but until then we're screwed.

I cannot afford to lose any more money out of my paycheck.

Fucking fuckers. I hate this state and can't wait to move.