Citizens of Florida and North Carolina did the intelligent thing and took back some control over politicians’ ability to take their money away. North Carolinians capped the state’s income tax rate at 7%, and Floridians voted to require a supermajority to increase taxes or fees in the state.
Both actions will help make government more accountable and efficient with taxpayer dollars. Eric Boehm reported on the votes at Reason, writing:
North Carolina capped income tax rates at 7 percent, while Florida will now require a supermajority to increase taxes or fees.
North Carolina voters approved an initiative to amend the state’s constitution to cap the income tax rate at 7 percent, down from the old constitutionally mandated cap of 10 percent. That won’t have any affect on the current income tax rates in North Carolina—the state has a flat income tax of 5.5 percent.
In Florida, voters endorsed what could be an even more powerful tool for limiting the growth of government. More than 65 percent of the state’s voters said yes to Amendment 5, which changes the state’s constitution to require a two-thirds vote in both chambers of the General Assembly for any future increase in taxes or fees, rather than the simple majority previously required.
The change effectively guarantees that Florida will retain its status as one of the lowest-tax states in the country for the foreseeable future—and is perhaps another sign that Florida is moving away from its longtime status as a swing state.
Read more here.
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