What Cut Taxes Really Means
(media.greatawakening.win)
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How long will this take? Will it affect state and local taxes? What about personal property taxes?
It would immediately affect at least the tax forms in NC, as our tax calculations are based on the numbers in our federal form. We don't pay income tax at all on SS or old state pensions, so we take the federal number and subtract most of it away, usually leaving us with $0 state tax. So we would probably still pay $0 NC income tax.
Property taxes probably won't be affected, as they pay for local services, such as police, fire, rescue, street repairs, etc.
Property taxes need to go also. It's been heavily abused. Local sales taxes would be better or a residency tax on all citizens as well as commercial real-estate taxes and some other options.
We already have real estate taxes on commercial property and local sales tax. Almost everybody in my county pays property taxes, not just on real estate, but on vehicles and on personal property. Police, fire, rescue, streets, etc. take almost all the taxes, so there's not a lot left for anyone to monkey with. Perhaps it's a problem in NYC or Los Angeles, but not where I live.