Taxes (page 228)

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    The case for the death tax continues to crumble, if there ever was any

    As David Logan of the Tax Foundation noted in a recent public testimony, proponents of a tax on one's estate at death mistakenly emphasize three outcomes. The break up of large concentrations of wealth Given that wealthy people are likely to bequeath to multiple people anyway, this is, to a large degree, a non-issue. The wealth is already broken up. Regardless, wealthy people can bequeath prior to death (inter vivos), and attempts to tax them beyond what they can avoid will discourage greater wealth generation, a "virtue tax." In terms of inequality, who said the money was going to other wealthy people? It may not, and two prominent studies have shown that inherited wealth has almost zero impact on such inequality. "When wealthy investors were polled, only 7 percent indicated that inheritance was a source of any of their wealth, and it is estimated that 85 percent of millionaires in this country are the product of self-made success." Increased revenue for state services Given that the death tax only brings in 0.3 percent of North Carolina's general fund revenue, this would appear foolish at face value. However, there are good reasons why a death tax, even if imposed at a higher rate, would fail to generate revenue for a state.
    Fergus Hodgson, November 10, 2011
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    The latest in NC research

    In a NC State dissertation titled “Who Has Access to 8th Grade Algebra in North Carolina? A Case Study of Mathematics Placement Practices for Algebra I,” Peter Eley found Analysis of the data revealed that students predicted to gain access to 8 th grade Algebra did not, in fact, gain…
    Terry Stoops, November 9, 2011
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    Soda bans don’t reduce consumption of sugary drinks

    In a study published in The Archives of Pediatrics and Adolescent Medicine, researchers found that soda bans in middle schools did not significantly reduce students’ consumption of sugary drinks.  Kids responded to the ban by simply purchasing different kinds of sugary drinks, like juices and sports drinks, in school…
    Terry Stoops, November 9, 2011
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    Has Walter Williams been reading Roy Cordato’s work?

    A day after Roy Cordato explained why North Carolina should shed its “hidden, deceptive, dishonest” corporate income tax, Walter Williams’ latest column explores a similar theme: What about raising taxes on corporations as a means to get them to pay their “rightful share of…
    Mitch Kokai, November 9, 2011
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    Memphis schools offer breakfast, lunch, and dinner

    According to a remarkably one-sided article in The Commercial Appeal, As part of Healthy, Hunger-Free Kids legislation passed in 2010, the federal government is now in the supper business, budgeting $641 million over 10 years to make sure children in the nation’s ever-growing poor pockets get one more balanced…
    Terry Stoops, November 8, 2011
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    JLF expert urges repeal of North Carolina’s ‘hidden, deceptive, dishonest’ corporate income tax

    Roy Cordato doesn’t like North Carolina’s corporate income tax. It’s not because he believes greedy corporations should get a free pass from paying their “fair share” of taxes. Instead Roy realizes that only people pay taxes. He labels the corporate income tax “hidden,” “deceptive,” and “dishonest.” Learn here…
    Mitch Kokai, November 8, 2011
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    Progress NC turning legitimate?

    When he is not spending his time calling Heather Losurdo a bankrupt-stripper-liar, Progress NC’s Justin Guillory offers insightful commentary on policy. Just for the record, I have never declared bankruptcy.  To the dismay of ladies everywhere, I have never been a stripper.  Occasionally, I tell a fib, tall tale,…
    Terry Stoops, November 7, 2011
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    This weekend on Carolina Journal Radio

    Media outlets have tended to cover the Occupy movement as a left-of-center version of the Tea Party Is that an accurate characterization?. Jon Ham dissects the coverage during the next edition of Carolina Journal Radio. John Hood reacts to Senate President Pro Tem Phil Berger’s recent comments about…
    Mitch Kokai, November 4, 2011