An overhaul of North Carolina's tax code kicked in Wednesday impacting taxpayers in several ways.
First the graduated income tax system has been replaced with a flat tax so Instead of paying 6% on the first $13,000 in earnings, you'll pay 7% on everything between $13,000 and $60,000 — and 7.75% on anything above that in 2014, everyone will be taxed at 5.8%.
But be aware, the new year comes with new taxes on the money you are spending. For example a ticket to the Panthers game will now be charged an additional 6.75% sales tax on top of the original ticket price. Registering an Electric car in North Carolina will now come with an additional $100 fee to support State Highway Trust Fund.
And that annual tax-free weekend for back-to-school shopping is no-more along with tax rebates on energy-efficient appliances.