In the July 24 edition of the Triad Business Journal, Andy Haile, Assistant Professor at Elon University School of Law, cautions against the N.C. General Assembly's tax compromise to finalize the state budget. After the article went to press, Governor Perdue threatened to veto the tax plan.
Calling the plan to temporarily increase taxes for North Carolina residents “troubling,” Haile calls for a broader structural reform of the state tax code.
Haile points out major issues with the proposed tax plan to raise nearly $990 million in new state revenue, writing: “The proposed compromise does nothing to address our over-dependence on highly volatile tax revenues.”
He also questions the plans increase of sales and sin taxes.
Finding an initial tax reform plan proposed by the Senate better suited to address the state’s long term needs, Haile writes that the Senate plan would have, “reduced our dependence on fluctuating income tax revenues,” and “made this state more competitive in attracting businesses.”
Haile teaches courses in business and corporate matters at Elon Law, particularly in the area of tax, mergers and acquisitions, and financing transactions. Haile is a Phi Beta Kappa graduate of Davidson College and earned a law degree with distinction from Stanford University, where he served on the law review staff.
– Tiffany N. Dyson, L’11