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    The State and Local Tax Deduction makes no sense

    Tax policy is as much about regulation as it is the efficiency and simplicity of raising revenues to pay for government activity. The regulatory aspect is clear in Ronald Reagan’s famous adage: “If you want more of something, subsidize it; if you want less of something, tax it.”…
    Joseph Coletti, November 15, 2017
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    Tax Foundation sees Senate plan boosting economy and incomes

    The Senate’s tax plan would reduce tax rates, broaden the tax base, and spur economic growth in a Tax Foundation dynamic modeling estimate. Nationwide, the effect would be 925,000 new jobs and $2,598 in after-tax income for the average middle-income family. North Carolina would add 27,863 jobs and…
    Joseph Coletti, November 14, 2017
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    New Carolina Journal Online features

    Dan Way reports for Carolina Journal Online on delays that could impact North Carolina’s use of Volkswagen settlement money. John Hood’s Daily Journal explains the reasoning behind his fight for freedom.
    Mitch Kokai, November 13, 2017
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    Arrogance and recklessness from Wake County Commissioners

    Back in August, I wrote a blog post about the Crooked Creek golf course site in Fuquay-Varina, and a push by some local residents to turn it into a park.  At the time, I praised Wake County Commissioner Jessica Holmes, for taking a stance against the use of tens…
    Julie Tisdale, November 7, 2017
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    Taking care of state government retirees

    Investment returns in the state pension system missed their mark for the third straight year in 2016. The 6.22% return was much better than the 0.36% return in 2015, but still short of the 7.25% assumed rate of return. The funded ratio for pensions at year-end was 90% on…
    Joseph Coletti, November 1, 2017
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    More On the Deductibility of State and Local Taxes

    A couple week ago I argued in this Carolina Journal Daily Journal that it is bad tax policy for the federal government to eliminate the deduction for state and local taxes. I won’t repeat those arguments in this blog post, but generally I argued that it is illegitimate, from…
    Roy Cordato, October 31, 2017
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    Your tax dollars at work: Food photography edition

    Elizabeth Harrington of the Washington Free Beacon reveals another dubious use of your tax dollars. The National Science Foundation is spending roughly $175,000 on an anti-obesity study that involves taking pictures of food before obese people consume it. Purdue University is overseeing the project, which is entitled, “Using…
    Mitch Kokai, October 24, 2017
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    The long-term challenge of federal debt

    Gene Epstein of Barron’s explains why it won’t be easy to erase the federal government’s debt. Those who deny that soaring debt can ever be a worry for the U.S. often point out that this debt is denominated in the same U.S. dollars the Fed has the ability…
    Mitch Kokai, October 23, 2017