Of course, the budget gap in our state just keeps getting bigger as the projections for the amount of income tax is being collected with the new "lower" tax rates continues to sink like the Titanic. State tax cut costs ballooning http://www.wral.com/state-tax-cut-costs-ballooning/13841265/ New figures from legislative analysts confirm the 2013 cut to individual income tax rates is costing the state far more than originally projected. Last year, Republican leaders authored a plan to cut income taxes from a three-tiered marginal system of 6 percent, 7 percent and 7.75 percent to a flat rate of 5.8 percent for 2014 tax year. According to a memo Thursday from legislative analyst Brian Slivka and chief economist Barry Boardman, the updated cost of the tax cut is $680 million for the current tax year. That's $205 million, or 43 percent, higher than the original projection of $475 million. The cost for the 2015 tax year is also projected to be $200 million higher than original estimates â $890 million rather than $690 million. Additional tax cuts are set to take effect Jan. 1. In the memo, Boardman and Slivka explain that the revision is due to the fact that North Carolina wages have not grown as quickly as projected last year. (more at above url) When your entire projection of the total amount of state taxes that will be collected is based on the premise that everyone's income in state will go up by a minimum of 50% in a two year period due to your "enlightened" economic leadership..... then it is likely you totally suck at math and there is not a big enough FAIL stamp to describe your lack of understanding about basic economics.