08/27/09 — Tax shock: North Carolina residents should prepare for April now

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Tax shock: North Carolina residents should prepare for April now

It did not seem like we would ever get one, but at long last, we have a state spending plan.

It isn't perfect -- in fact, it stinks, if you want to know how most people really feel about it. But in the end, it was time to bite the bullet and do something, before we ended up with an even bigger mess.

Depressing, huh? Well here is a bit of good news: The legislature is out of Raleigh and powerless to mess anything else up.

But lest you think that the pain is over and that we won't have to talk about money for at least another few months, prepare yourself.

Tax bills are going to be winding their way to us very soon -- and don't forget about your friendly neighborhood sales tax increase, either.

Some costs are already increasing as businesses and governments try to manage with less revenue and increased costs of doing business.

And guess who bears that burden?

This recession is not over yet -- not by a long shot.

And this April, when we look at our income tax bills, be prepared -- more money is going to be going to governments of all kinds this year.

And some of the higher income earners in North Carolina -- and around the nation -- will see firsthand just what the effect of "sharing the wealth" really is.

But although we have lost this battle, we had better start planning a strategy for winning the war.

To stop the skyrocketing tax bills, we need to watch carefully what is discussed, what is passed and what is hidden from the statehouse all the way to The White House.

Our future financial stability is in our own hands -- and supported by a November ballot box.

If we want to keep more of our money, we know what to do -- and whom to remind.

Published in Editorials on August 27, 2009 10:38 AM