My friend James recently decided to step up and offer himself for sacrifice at the alter of the NC electoral politics, as a candidate for governor, and I believe he’s serious. I’ve known James, through his work at BlueNC and other writing, for several years now and I believe we could do far worse than to elect this citizen to our state’s highest office. In fact, I believe we are doing far worse right now, with Art Pope and Duke Energy’s puppet Pat McCrory occupying the Governor’s Mansion while a cabal of Neanderthalian Tea Partiers hold our General Assembly hostage.
Candidate Protzman posted a few thoughts on taxation earlier today, and I have to say his ideas are a breath of fresh air compared to the stale ideology spewing forth from Raleigh the last few years.
Any responsible approach to tax reform must address the following principles:
- Each of us should pay taxes to fund our government in proportion to the value we gain as citizens living in this state. Personal income is a more effective measure of value gained than personal spending. A progressive, graduated income tax is the most effective approach for addressing this principle.
- North Carolina’s current tax rate structure does not reflect the enormous value gained by our state’s highest income earners. An additional new high-income bracket with a proportionally higher rate is needed.
- All personal income should be treated equally for taxing purposes. Dividends, capital gains, inheritance, gifts, etc., should be taxed at the same rate as income derived from working.
- Campaign contributions, gifts, and other contributions to political candidates should be taxed as ordinary income to those candidates.
- The practice of itemized deductions should be phased out and eliminated.
- Corporations are not people, and as such, should not be taxed. As noted above, corporate shareholders and employees should be taxed for the salaries, bonuses, dividends, and other payments they receive. This change would eliminate the practice of bribing companies with tax incentives to come to North Carolina.
- Local governments (cities, towns and counties) in North Carolina should be free to adopt whatever tax policies they want without interference from legislators in Raleigh.
I know that many progressives disagree with me on the issue of corporate taxation, so let me explain a bit more.
The elimination of corporate income tax should be accompanied by the elimination of other rights and privileges of corporations. For example, many companies today operate as LLC. On one hand, that model passes through the tax liability to owners. That’s a good thing. But on the other hand, it also shields owners from a host of other liabilities – and that is not a good thing.
Until owners, executives and shareholders are held personally accountable for the actions of their companies, we will continue to have an out-of-control oligarchy.
Do yourself and your neighbors a favor and get to know a bit more about the man who would be our next governor by visiting his blog over at BlueNC.