In addition to the federal estate tax of 40 percent (which is fourth highest in the OECD), many U.S. states levy their own estate and inheritance taxes. Estate taxes are charged against the estate regardless of who...
- North Carolina Tax Reform Options: A Guide to Fair, Simpl...
North Carolina Tax Reform Options: A Guide to Fair, Simple, Pro-Growth Reform
APPENDIX A: REVENUE ESTIMATES
(billions of dollars)
Source: Tax Foundation calculations.
Source: Tax Foundation estimates based on Personal Consumption data (Table 2.4.5U) from the Bureau of Economic Analysis, applied to North Carolina’s share of national personal income.
*Items are excluded from sales tax due to the levy of a higher separate tax. Purchases of alcohol and tobacco are subject to separate excise taxes; utilities are subject to a separate gross receipts tax; accommodations are subject to local hotel taxes.
**The separate 3% amusements tax would be replaced by the state sales tax in each option.
***Percentage for current sales tax base excludes business-to-business transactions.
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