(Alexandria, Virginia) — Today the North Carolina Senate introduced a broad tax reform package that will help the state and its seniors. North Carolina has long been a retirement destination for America’s seniors, and after this tax reform passes it will be an even more attractive destination. The tax reform proposal will reduce the income tax rate for all North Carolinians, cut the state sales tax across the board, and most importantly it will eliminate the state’s death tax.
Jim Martin, Chairman of the 60 Plus Association applauded the news, saying, “After Tennessee set their death tax on a phase out for repeal last year, North Carolina was the last state in the South with a death tax, and this bill will rid the south of this horrid tax. In addition to helping seniors pass on their life savings to loved ones, this legislation reduces the state income and sales tax, meaning more money in seniors’ pockets while they are living.
“I was fortunate enough to testify before the North Carolina legislature in 1998 about the need to repeal the state’s death tax and now I am glad to see they are taking our advice. As more and more states repeal their death taxes and pass comprehensive tax reform that helps the free market, seniors will vote with their feet by moving to those states.
“I am sure some on the liberal left will say this tax reform proposal hurts the little guy, but that is hogwash, plain and simple. This tax reform proposal cuts the income tax rate to zero for the lowest income earners, reduces the sales tax so it becomes cheaper to buy goods, and will bring new jobs to North Carolina without hurting business owners by eliminating the death tax.”