Fascinating data out of Rasmussen Reports today. The majority of likely voters say people get rich because they work hard.
A new Rasmussen Reports national telephone survey shows that just over half (52%) of Likely U.S. Voters believe hard work is the path most follow to riches. Twenty-eight percent (28%) think most get rich by inheriting money, and nine percent (9%) see luck as the key factor.
And yet, the federal tax policies liberals want to impose are designed to take more and more of the reward for hard work. The rich are prolific voluntary givers to society in multiple ways. Taking, and then redistributing, more of their money is misguided.
Here in North Carolina, there is an opportunity for much more sensible tax policy, leading to job creation and economic growth.
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Replacing North Carolina’s existing income, corporate, sales, and estate taxes with a new consumed-income tax dubbed the USA Tax could generate 80,500 new jobs in the first year, while boosting the state’s economy by $11.76 billion.
Those numbers are based on an outside analysis of tax reform proposals included in the John Locke Foundation‘s new book, First in Freedom: Transforming Ideas Into Consequences for North Carolina. JLF is releasing the book as new North Carolina Gov. Pat McCrory and a Republican-led General Assembly turn their attention to potential tax reforms.
Even a scaled-back version of the USA Tax, combined with a slight lowering of the sales tax rate and elimination of income, corporate, and estate taxes, would lead to a $4 billion economic impact and 10,000 new jobs in the first year, according to the analysis from the Beacon Hill Institute at Suffolk University in Boston.
“It is our belief, backed up by economic theory and quantitative analysis, that the proposals made here to transform North Carolina’s income tax into a consumption-based USA Tax, while abolishing the state’s corporate and estate taxes, has the potential to generate strong incentives for businesses in the state to expand while attracting and stimulating new investment, economic growth, and job creation,” said Dr. Roy Cordato, JLF Vice President for Research and Resident Scholar.
There’s a fascinating conversation taking place among members of the Wake County Board of Commissioners and Wake County school board about issues of governance and policy. One of the issues is potential county funding for public charter school construction. Judge for yourself, based on reporting by the News & Observer, whether board member Susan Evans — she’s the board member who ripped the microphone out of the hands of fellow board member Deborah Prickett when she didn’t agree with Prickett’s comments — understands that charter schools ARE public schools.
On the charter schools issue, Evans charged that many charters are run by private groups and for-profit companies, stating that it wouldn’t be fair to give them money for school construction.
“I’m not sure that taxpayers will think this is a fair way to spend these funds that are so desperately needed to meet the ever-growing capacity needs of our public school system,” she said.
Speaker John Boehner told House Republicans this afternoon that the GOP’s upcoming budget will balance the federal books in a decade.
Due to the Democrats’ control of the White House and Senate, the possibility of that promise becoming law is remote. But the speaker’s vocal support for the idea reportedly drew cheers within the House Republican conference.
Add my voice to the cheers. It should be obvious to all – whether Republican, Democrat, or Unaffiliated – that this country’s finances are careening toward a massive crash. We can no longer avoid the consequences. Let’s hope and pray that fiscal sanity prevails in Washington D.C. Things are definitely moving in the right direction here in North Carolina, where the new governor and many in the legislature understand that living within one’s means isn’t extreme thought or policy, it is the responsible approach to ensuring stability, economic growth, future prosperity, and the means, both private and public, to care for those truly in need.Read full article » No Comments »