During the discussion about taxes in the legislature, the Republican leaders said that they wanted to decrease tax rates, and that the decrease in taxes would lead to substantial job creation. What actually happened? There was a decrease in personal income tax rates, an increase in some sales taxes, the elimination of the Earned Income Tax Credit and some deductions, and the elimination of the inheritance tax; the net result is a substantial tax cut for wealthy families and individuals, a tax increase for many middle and low income families and individuals, and very minimal job creation. This reverse Robin Hood approach is the foundation of the “McCrory Middle Income Tax Hike.”
Achievers of the American Dream
Mike Krzyzewski, Cam Newton, other members of the Carolina Panthers football team, Tom Ross, and Brian Moynihan are innocent bystanders of the tax law changes; they played no role in the passage of the laws from which they benefit. There was one wealthy individual, however, who was not just a bystander. Art Pope was CEO of Variety Investments, a firm that owns Maxway, Roses, and several other retail outlets. He took a leave of absence from that position to serve as the governor’s budget director. In that position he played a major role in developing the details of the changes in the new tax law. Thus, he benefitted directly from the law that he helped write. Now that the law that benefits him is on the books, he has resigned his position as budget director, and returned to managing his companies.
There are numerous changes in the tax law that will force many middle and low income individuals to pay more in taxes.
Tax Law Changes
Reverse Robin Hood: Tax Advantages for High Income Families
It is evident that many changes were made in tax regulations for tax year 2014 and following years by the Republican leaders in the 2013 legislative session. Most people are not aware of the many changes that have occurred; when the Republican leaders talk about the tax changes, they parrot one phrase: “tax rates have been reduced to create jobs.” They do not publicize the other changes that were made. It is likely that they do not want the public to know what changes took place because they realize that most people would not like the impact of the many changes. It is probably their hope that the public will not understand what has happened because many people do not focus on tax calculations.
Again, it must be emphasized that the evaluation of the new tax laws is not an attack on the wealthy; it is not an attack on Mike Krzyzewski, Cam Newton, other members of the Carolina Panthers football team, Tom Ross, Brian Moynihan, and other high income individuals. They have earned their success through legitimate hard work, talent, and sacrifice. We admire them; we strive so that we, or our children, or our grandchildren will have the opportunity to become them. Instead, it is a matter of fairness and the ability to pay so that families at all income levels have the opportunity to improve their lives.
The elimination of the earned income tax credit, exemptions, several deductions, and the imposition of additional sales taxes will result in tax increases for many middle and low income families, so that wealthy families can enjoy a tax decrease. These tax changes increase the taxes paid by middle income families trying to save for the future. These tax changes increase the taxes paid by poorer families and individuals already struggling to get by. These tax changes demonstrate the commitment of the Republican leaders to making the rich richer and the poor poorer. These tax changes are unfair and should be repealed, and the Republican leaders who enacted them should be replaced; VOTE DEMOCRATIC!!
Voting 2016 