Wednesday, Gov. Pat McCrory signed new tax legislation recently approved by the North Carolina General assembly .
House Bill 998 aims to lower the state personal and corporate income tax rates, which has long been at the top of the state Republican agenda.
Republicans said this tax reform, accompanied by about $2 billion in spending cuts, will help North Carolina stay economically competitive with its neighbors, according to the News & Observer.
Most Democrats in the General Assembly voted against the bill because many of them said it unfairly shifts taxes from the upper class to the lower and middle class.
Among other measures, House Bill 998 ends the state sales tax holiday, which allowed school supplies purchased in the beginning of August to be exempt from state sales tax.
