I was doing some research on this annoying new requirement to fill out another NC-4 form to take advantage of new tax changes. I was reading the N&O’s story on the new changes when I saw the author of the changes, Sen. Rucho himself, had weighed in from his Facebook account:
Every employee was required to maintain a NC-4 and nowNC-4 EZ forms to establish their NC withholding from their pay checks. The standard deduction has been raised to $15K MFJ. That means that the first $15K of income is tax free. Then the NC tax rate has has been lowered to a flat 5.8% for 2014 and to 5.75% for 2015. The result will be that every taxpayer will have a higher take home pay to spend or save as they choose. It is your hard earned money not the governments. The good news is that this is a first step toward a personal Income tax rate of ZERO like Tx, Fl and TN.and a goal to stimulate economic growth and create more good jobs.
We can’t rebuild broken Bonner Bridges with Monopoly money. We can’t pay our teachers national-average-or-above wages with it, either. We can’t pave the tens of thousands of miles of roadways we have here with a capped gasoline tax and zero income taxes. Where will Mr. Rucho get the money?