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

[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.