True Cost Economics is currently creating a sizable ruckus in the academic world, and its value as a system of thought is starting to be recognized by the economic establishment. -- Brendan Themes Go there >>True Cost Economics
Combined with the fact that sales tax is tied to consumption rather than income, this leads some to the conclusion that low-income individuals and families pay a greater proportion of their incomes in sales taxes, therefore sales tax is regressive. You're supposed to read regressive as unfair.
The changes in sales taxes will affect all electric and natural gas customers in North Carolina and are the result of the North Carolina Tax Simplification and Reduction Act (House Bill 998) which became law in July 2013. Adjustments to the sales tax are just one of many changes in tax law initiated by the Act. These sales taxes will appear on the GUC bill because Greenville Utilities is required to collect the tax in accordance with state law. The taxes on electricity and natural gas are imposed by the State, and collected by GUC.