You don’t have to listen to the political debate in North Carolina this election year for long to hear candidates in both parties talking about tax reform. Virtually no one disagrees that the state’s tax code needs an overhaul.
It was designed early in last century when the economy was based almost entirely on manufacturing and agriculture and sales of goods. Now the state’s economy is driven by technology and the purchase of services, many of which are not taxed.
That the tax code is no longer aligned with the state’s economic activity is not a revelation to anybody. Political leaders have been talking about tax reform for more than a decade and appointed a variety of bipartisan blue ribbon panels to come up with a way to modernize the tax code.
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