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Alaska covers fewer kids with public insurance vs. 2019; Judge Cannon indefinitely postpones Trump's classified docs trial; Federal initiative empowers communities with career creation; Ohio teacher salaries haven't kept pace with inflation.

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Former Speaker Paul Ryan weighs in on the 2024 Presidential election. President Biden condemns anti-semitism. And the House calls more college and university presidents to testify on handling pro-Palestine protests.

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Bidding begins soon for Wyoming's elk antlers, Southeastern states gained population in the past year, small rural energy projects are losing out to bigger proposals, and a rural arts cooperative is filling the gap for schools in Pennsylvania and West Virginia.

NC Ends Year in Black: No Green Light for Tax Cuts, Say Economists

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Wednesday, May 13, 2015   

RALEIGH, N.C. - North Carolina coffers are flush with cash at the end of this budget cycle - $400 million, to be exact. The surplus is due largely to a decrease in state tax credits available to individuals.

While Gov. Pat McCrory and other lawmakers already are discussing how to spend the money, Alexandra Sirota, director of the North Carolina Budget and Tax Center, warned against any rash decisions.

"Just because we have a $400 million surplus above what we projected we would have," she said, "doesn't mean we have the resources that we would need to really build an economy that's stronger, that's providing opportunity for everyone in our state."

State officials say the source of the surplus is partly from reduced refunds because of a decrease in credits. The surplus represents less than 2 percent of the state budget. McCrory said he's in support of a reinstatement of a medical-expense tax reduction for seniors and a raise for state workers.

The surplus will trigger the next round of corporate tax reductions already passed by state lawmakers. Business income tax will drop to 4 percent next year and 3 percent in 2017. Sirota said the money put back into the economy by tax cuts doesn't aways end up in the hands of those who need it.

"Driving those dollars into more income tax cuts is not a sound policy to grow the state's economy," she said. "We have no evidence that tax cuts improve economic conditions and, in fact, it could be that this is one-time money."

Last week, North Carolina repaid the $2.5 billion it owed the federal government for unemployment benefits.


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