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Tax reform gets green light in Republican-run states

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    States like North Carolina planning changes to improve economic environment

  • Duration 4:53
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Hopes her.

In the federal tax system in Washington may be slowly fading but.

There are lawmakers and several Republican states taking matters into their own hands including one in North Carolina.

Were Republicans are considering doing away with individual and corporate income taxes the plan would replace lost revenue with a new business license fee.

At a higher sales tax on goods and services such as accounting spot services include with me now -- the guys lead the charge in north -- He's a state senator.

On his name is Bob Bruce show and sir welcome to our program leading the effort there were North Carolina why do you want to do this what do you think it'll do for the economic condition of North Carolina.

Well bill.

You know north Carolina's economy is based on -- 1930 manufacturing base.

And unfortunately after we've studied this for the last 68 months we've noticed some serious problems -- that would declining in.

Medium household income in per capita income and eroding sales tax base increased poverty.

And also a very high unemployment rate.

None of which shall reflect a good economic environment and our goal is to have economic growth and create jobs and that's what we were elected to do.

We've seen in other states Florida for years taxes as well but what you would do -- you would tax things that are currently not being taxed by the state such as.

Certain legal fees accounting fees -- services and food from.

Ultimately what would you get out of it.

Well.

When the that you have to look at some serious and points a consumption based sales and use tax very broad based on -- goods and services.

Is a very good economic driver as compared to the negative the effective income taxes.

Which actually is a detriment to economic growth in jobs and what we believed was to expand the sales tax base.

Into goods and services that is something that would absolutely create business activity and they have for income and GDP growth.

And with that we were going to get rid of completely the negative taxes which would be income taxes both personal and corporate.

When that does it will create jobs.

OK now we.

I know you believe -- got a pretty good chance to pass a South Carolina does not have this yes are you trying to beat South Carolina to the punch.

I think what we're trying to do more than anything bill is trying to make North Carolina a very competitive state.

If we can implement this play and with the consumption based tax and zeroing out the income taxes.

We'll have the best economy in the southeast.

Which should give us many years of both prosperity and job growth I think that's really what we're trying to thank you for your time and you unemployment has been well over 9% for far too long and I know you're not happy with that we'll see -- -- goes North Carolina.

Out of -- thanks other efforts -- underway in North Carolina mentioned Kansas Oklahoma with me now Charles -- from the Fox Business Network.

You like his idea.

I do like the idea -- You know -- -- there's there's a few other things up by the way that that weren't mentioning I think something that's really critical to overall country bill's been in the sort of bunker mentality.

-- disorder a natural thing you know coming -- into and out of a recession.

But we need to get into a pro growth mentality in other words states or even a nation that did that exists only to feed into the welfare society.

Never moves the needle that's -- GDP has a move to these are pro growth policies.

They actually encourage businesses.

The businesses have more money they go out they hire more people to invest implants and actually encourages work.

Right now we have a scenario where work is sort of discouraged you know -- and and moving up in the work forces -- is discouraging you make less than 50000.

You are you almost -- the try to go beyond that 50000 threshold and a lot of people it almost pays not to work so.

These are also pro war type amend give your pro work mentality because I get like Jack I -- think.

You might check you be -- we mentioned -- -- this I mean this idea is not in -- capsule here I mean to keep spreading and spreading and we keep finding more and more cases.

And -- a year from now you're gonna find many more states not just -- in taxes so many people talk about but many others.

Absolutely did and why not I think -- of course Texas is the state that everyone looks at over the last ten years California loses a million people.

Lot of -- Durham a big -- -- -- -- -- these are productive and innovative people individuals.

This -- says -- have an amazing sense of prosperity.

And that's what we all -- I think again this -- the transition that the country needs to go through.

And if it's not gonna happen at the national level certainly have states are saying well we want to sort of get out of this bunker mentality.

And he's Sunderland the last point if you can't get -- from Washington you have to go to your State Capitol trying to get some of that back absolutely thank you Charles check out the pain on the Fox Business Network.

Barney accompany every day from 9:20 AM 11 AM eastern time.

Charles is on their throughout the entire day so you know he's just about the stewardess can check them out of -- right -- thanking our elevator at air that.

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