logo
Bill limiting use of sales tax passes

Bill limiting use of sales tax passes

Yahoo3 days ago
GUILFORD COUNTY — Voters will be asked again to approve a sales tax increase of 0.25% of a penny for every $1 of sales, but this time legislation dictates how the revenue must be spent if the increase is approved.
House Bill 305 was amended by Sen. Phil Berger Sr., R-Rockingham and Senate president pro tem, to set parameters on how the revenue, estimated at $28.7 million a year, would be allocated, with most of it going for teacher pay. The bill passed the General Assembly this week.
The Guilford County Board of Commissioners voted unanimously in mid-June to place the sales tax referendum issue on the November 2026 general election ballot. A little more than a week after the commissioners' action, Berger amended House Bill 305 to address the sales tax proposal.
Berger, whose legislative district includes Guilford County and some precincts in High Point, has said he placed directives on allocating the tax revenue to assure Guilford County voters on how the money would be spent.
Although the county commissioners have pledged that all revenue raised by the proposed sales tax increase would go to teacher pay, there was no provision in state law preventing the money from being directed to other purposes.
'House Bill 305 now provides them with information so they can make an educated decision,' Berger previously said.
If the proposed tax increase is approved by voters and raises $28.7 million, this is how the money would have to be allocated, according to the new legislation:
• Teacher pay supplements in Guilford County Schools, $19.2 million.
• Guilford County Fire and Rescue Council for equipment purposes and capital expenditures, $5.5 million.
• Guilford Technical Community College capital projects, $2.7 million.
• Allocations for Whitsett, Summerfield, Stokesdale, Pleasant Garden and Oak Ridge, $1.3 million.
Berger's allocation approach apparently was the first time that has been applied in North Carolina to a sales tax referendum.
Whether it will change how Guilford County voters view the proposal is uncertain. Voters have rejected the same proposed sales tax increase six times in the past 20 years, most recently in the November 2024 general election.
Solve the daily Crossword
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

US trade deficit narrows to $60.2 billion in June
US trade deficit narrows to $60.2 billion in June

Yahoo

time29 minutes ago

  • Yahoo

US trade deficit narrows to $60.2 billion in June

By Dan Burns (Reuters) -The U.S. trade deficit narrowed in June on a sharp drop in consumer goods imports, the latest evidence of the imprint on global commerce President Donald Trump is making with sweeping tariffs on imported goods. The overall trade gap narrowed 16.0% in June to $60.2 billion, the Commerce Department's Bureau of Economic Analysis said on Tuesday. Days after reporting that the goods trade deficit tumbled 10.8% to its lowest since September 2023, the government said the full deficit including services also was its narrowest since September 2023. Exports of goods and services totaled $277.3 billion, down from more than $278 billion in May, while total imports were $337.5 billion, down from $350.3 billion. The diminished trade deficit contributed heavily to the rebound in U.S. gross domestic product during the second quarter, reported last week, reversing a drag in the first quarter when imports had surged as consumers and businesses front-loaded purchases to beat the imposition of Trump's tariffs. The economy in the second quarter expanded at a 3.0% annualized rate after contracting at a 0.5% rate in the first three months of the year, but the headline figure masked underlying indications that activity was weakening. Last week Trump, ahead of a self-imposed deadline of August 1, issued a barrage of notices informing scores of trading partners of higher import taxes set to be imposed on their goods exports to the U.S. With tariff rates ranging from 10% to 41% on imports to the U.S. set to kick in on August 7, the Budget Lab at Yale now estimates the average overall U.S. tariff rate has shot up to 18.3%, the highest since 1934, from between 2% and 3% before Trump returned to the White House in January.

How Much Is the Required Minimum Distribution (RMD) If You Have $1,000,000 in Your Retirement Accounts?
How Much Is the Required Minimum Distribution (RMD) If You Have $1,000,000 in Your Retirement Accounts?

Yahoo

time29 minutes ago

  • Yahoo

How Much Is the Required Minimum Distribution (RMD) If You Have $1,000,000 in Your Retirement Accounts?

Key Points Your RMD depends on your account balance, as well as your age. There's a straightforward way to calculate your RMD for 2025. The important thing is to use the correct IRS life expectancy table. The $23,760 Social Security bonus most retirees completely overlook › After you reach 73 years of age, you're required to start withdrawing money from certain retirement accounts. Specifically, if you have money in tax-deferred accounts, including but not limited to a traditional IRA, 401(k), 403(b), or thrift savings account, the required minimum distribution (RMD) rules apply to you. (Any funds in after-tax (Roth) accounts aren't subject to RMDs.) What is your RMD if you have $1 million? If you have $1 million in retirement savings in tax-deferred accounts, how much are you required to withdraw in 2025? There are two factors that matter in the calculation of your RMD. The first is your account balance at the end of the previous year. For the purposes of this example, we'll assume that you had $1 million on Dec. 31, 2024, but you can find your exact year-end balance on your account statement. The other key factor is the age you're turning this year. RMDs are based on your life expectancy. In other words, the older you get, the fewer years you're expected to live, and the percentage of your account that you're required to withdraw increases. For the purposes of calculating your RMD, there are two IRS life expectancy tables that you could use: Uniform Lifetime Table: This applies to the majority of retirees. Joint Life Expectancy Table: Used only in cases where your sole beneficiary is your spouse and they're more than 10 years younger than you. Example of calculating your RMD Let's say that you're turning 75 years old in 2025 and ended last year with $1 million in a retirement account. For simplicity, let's say that you can use the uniform lifetime table, which gives you a life expectancy factor of 24.6. To calculate your RMD, simply divide the account balance by the life expectancy factor. Therefore, $1 million divided by 24.6 is $40,650, so this is the amount you're required to withdraw from your account. The $23,760 Social Security bonus most retirees completely overlook If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these Motley Fool has a disclosure policy. How Much Is the Required Minimum Distribution (RMD) If You Have $1,000,000 in Your Retirement Accounts? was originally published by The Motley Fool Sign in to access your portfolio

Canada's trade deficit widened to C$5.9 billion in June
Canada's trade deficit widened to C$5.9 billion in June

Yahoo

time29 minutes ago

  • Yahoo

Canada's trade deficit widened to C$5.9 billion in June

OTTAWA (Reuters) -Canada's merchandise trade deficit widened in June to C$5.9 billion ($4.24 billion) as imports grew faster than exports due to a one-time high-value oil equipment import, data showed on Tuesday. The deficit observed in June is the second highest on record after the deficit dipped to its largest in history n April to C$7.6 billion. Analysts polled by Reuters had predicted the trade deficit to widen to C$6.3 billion in June from a downwardly revised C$5.5 billion in May. Total imports were up 1.4% in June to C$67.6 billion from a drop of 1.6% in the prior month, Statistics Canada said, adding that excluding the one-time product import which was from the U.S. for an offshore oil project, total imports were down 1.9% in June. Canada's total exports grew 0.9% in June to C$61.74 billion following an increase of 2% in May, its second consecutive increase, Statscan said, led primarily by an increase in value of crude oil exports which saw an increase in prices in June due to tensions in the Middle East. In volume terms, however, exports were down 0.4% in June. The U.S. President Donald Trump cranked up the tariffs on Canada to 35% from this month from 25% on goods which were non-compliant with a free trade deal. Canada is also struggling with a slew of sectoral tariffs on steel, aluminum and automobiles. This has chewed into its massive trade balance with the U.S. as exporters drove away from what the world's biggest market in Canada's backyard to other regions from Europe and Middle East to as far as the Indo-Pacific. Exports to the U.S. in June, however, increased by 3.1% in June, due to crude oil shipments. But on a year-over-year basis, exports to the U.S. were still 12.5% lower when compared with the same period a year ago. After reaching a record high in May, exports to countries other than the United States were down 4.1% in June, representing the first decline since February, Statscan said. The increase in total imports in June was mainly led by a 2.6% increase in imports from the U.S. due to the import of a module for an offshore oil project, the statistics agency said. This was the first increase in imports after three consecutive monthly decreases, data showed. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store