Tagged: Raise taxes

A funding plan for Bank of America Stadium renovations has cleared the state House. On Wednesday afternoon, Representative Ruth Samuelson's measure passed with little debate.

"There are no new taxes; there is no new revenues – state or local," said Samuelson, introducing her bill for debate on the House floor. "There are just two new options for the Charlotte City Council – which has joined us here today – to consider."

A bill to drastically cut unemployment benefits and slightly raise business taxes has cleared its last major hurdle in North Carolina. Republicans behind it say it's going to be painful, but it's necessary to pay back the $2.5 billion the state owes the federal government for help paying unemployment insurance.

How did the state build up such a massive debt?

Governor Pat McCrory said one of the first bills he plans to sign into law will overhaul the state’s unemployment insurance system. McCrory is in favor of a Republican legislative plan that cuts benefits and raises taxes on some businesses.

When the economy tanked, North Carolina’s unemployment insurance system got way out of balance. Businesses fund it, and they weren’t putting enough in to cover the massive demand for benefits as unemployment soared.  

A North Carolina legislative committee approved a plan Tuesday to cut unemployment benefits and raise taxes on some businesses. Republicans behind the plan say those are necessary steps to pay back more than $2.5 billion the state owes the federal government.