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March 01, 2006

A 21st century tax system

The recent Emerging Issues Forum at N.C. State University addressed the topic "Financing the Future." Dr. Mike Walden says the forum addressed whether North Carolina, at the local and state levels, have the tax system that is going to provide needed public revenues in the future.

"I think there were three essential questions," says Walden, a professor in the university's Department of Agricultural and Resource Economics. "In this current century, the 21st century, are we taxing the right kinds -- the right economic bases? That's question number one.

"Number two: What kind of tax rates should we have? Do we want, for example, a tax system that has low tax rates but taxes a lot of things -- or a tax system of high rates that excludes a lot of things from taxation?

"And then, thirdly, do we want to use the tax system only to raise revenue? Or do we want to use it to achieve other kinds of goals in our economy?"

Posted by deeshore at March 1, 2006 08:00 AM