Mark Hellman: Numerous tax hits and nicks

I am a senior citizen whose state income tax bill has not increased under Republican tax changes. That does not mean state taxes have stayed the same for me.

The new sales tax on sports and entertainment tickets is one recent tax increase nicking away at my wallet. But the biggest hits to my finances are the cuts the Raleigh Republican regime continues to make to state services and the control they are assuming over city and county finances.

The appropriations cuts together with the state-dictated reduction of a key local business tax and the apparently imminent siphoning of city and suburban sales tax revenue will force most urban governments to increase fees and property taxes to maintain services. Or they will force those local governments to reduce or actually eliminate services.

Either way, I lose. And so do most of us, as there will not be a fully compensating benefit to the economy from these changes.

The hypothesized economic boom from lower tax rates is iffy at best and, experience shows, even at best will not make up for the revenue losses from lower income tax rates.

This story was originally published March 31, 2015 at 10:26 AM with the headline "Mark Hellman: Numerous tax hits and nicks."