Tax year 2014 is getting hit hard now that we understand more clearly why people like Rep. Paul Stam and former House Speaker Thom Tillis had smirks on their faces when confronted by media asking them questions last year about the North Carolina individual tax changes being implemented.
My wife and I are fully retired, meaning our fixed income has less value as each year passes. As for our N.C. 2014 tax liability when compared with the previous year, it has risen over $1,200. Even though our gross income declined, the small private retirement income exemption of $2,000 each was taken away, several thousand dollars in deductions allowed were previously taken away and other changes.
We have been stiffed. Wake up, North Carolina, and prepare now.
John Bland Jr.