Community Living | Coupon | Police Scanner | E-News Signup | Archives | Merchant Directory | Dining Guide
Have a HOT TIP? Call 704-276-6587 Or E-mail us At
Lincoln Herald | Lincolnton, NC

home : opinion : opinion November 20, 2017

10/14/2017 12:11:00 AM
Tax Cuts Will Help North Carolinians
Jason Saine, R-97
North Carolina State Representative

From Black Friday to the Christmas rush, the end of the year is harvest season for America’s small businesses.

This year, however, is different. Congress has the golden opportunity to deliver a holiday gift that’s long overdue: Tax cuts. To sustain the growth and security on Main Street that families need and voters demand, it’s time for lawmakers to wrap up negotiations on Capitol Hill and cut small business taxes.

I’m a proud state representative, and I’m proud of my state’s track record on taxes. Here in North Carolina, we’ve been working overtime to help out business owners, holding rates low no matter what goes on in Washington.

Like many states, our small businesses employ roughly half of our private-sector workers and make up over 90 percent of our companies. Taxing them fairly is a no-brainer. But if the federal government keeps taking such large bites out of small business income, even the best we can do will end up looking like a Band-Aid.

Rock Fitness Single Family

Consider: North Carolina enjoys America’s lowest state corporate tax rate. It’s just 3 percent. But every partnership, proprietorship, and S-corporation in the state is treated by the IRS as a so-called “pass-through entity,” meaning small business owners have to surrender as much income as a comparably-earning individual subject to the highest possible rate.

The legalese is needlessly complicated—just like the labyrinthine federal tax code itself. But the bottom line is brutally simple. When all is said and done, after Tax Day is over, 40 percent or more of revenues can be stripped away from small businesses, no matter how many employees are on payroll. The overwhelming majority of small businesses (95 percent) are pass-through entities, which may face a total tax burden of nearly 50 percent in federal, state, and local taxes.

It’s a reality that seems almost deliberately designed to make it harder for our biggest economic powerhouse to create jobs. Even under this ridiculous strain, America’s small businesses are responsible for creating two out of every three new jobs in this country. Imagine what they could do for Main Street with a tax code deliberately built to unleash their potential.

In fact, we’ve already got some numbers on that. Using data from congressional tax plans in the works, the Tax Foundation determined that North Carolina businesses would turn nearly $40 billion in savings into over 50,000 new jobs. Meanwhile, in a classic demonstration of how everyone benefits when small businesses do well, average North Carolina families would enjoy almost $4,500 a year in taxes and expenses saved.

And sure enough, voters have been thinking long and hard about what they stand to gain too. Fully 80 percent told America First Policies that Congress needs to pass a tax bill centered on cuts that boost paychecks and boost productivity.

With reduced rates, our lawmakers can answer the American people. Our economy depends on it.

Have Us E-mail You The Latest News
Click Here OR

Your #1 Local Source for News, Sports, Opinion, Obituaries, Religion, Classifieds, Events, Photos, Community, Coupons, and more!

Serving Lincoln, Catawba, Gaston and Cleveland counties including the areas of Lincolnton, Denver, Maiden, Stanley, Alexis, Vale, Crouse, Iron Station, High Shoals and Cherryville.

Not a newspaper, not a magazine, we’re online – on your computer at home or work, on your smartphone… with news and more 24 hours a day, seven days a week, every day of the year including holidays.

Visit Our Facebook Page

Wendy Peeler - Small Business Christmas Expo

Article Comment Submission Form
Please feel free to submit your comments.

Article comments are not posted immediately to the Web site. Each submission must be approved by the Web site editor, who may edit content for appropriateness. There may be a delay of 24-48 hours for any submission while the web site editor reviews and approves it.

Note: All information on this form is required. Your telephone number is for our use only, and will not be attached to your comment.
Submit an Article Comment
First Name:
Last Name:
Anti-SPAM Passcode Click here to see a new mix of characters.
This is an anti-SPAM device. It is not case sensitive.

North Carolina News

LincolnHerald How To Advertise


HomeNewsState NewsReligionOpinionSportsObituariesExtrasCommunityClassifiedsSubmit

Terms and Use | Merchant Directory | Dining Guide
Site Design and Content
Copyright Lincoln Herald, LLC 2011-2015


Software © 1998-2017 1up! Software, All Rights Reserved