Raise the Red Flags North Carolina: The new Senate tax shift proposal would hurt working families and critical public investments. This plan continues the Great Tax Shift by forcing middle and low-income families to pay more while giving a tax cut to the wealthiest individuals and corporations.
Several components of the Senate tax plan create cause for concern:
- By expanding the sales tax base to make up for cuts in the personal and corporate income tax, low and middle income families who already pay a higher portion of their income in taxes than high income families will pay even more, and the wealthiest will pay even less.
- The Senate tax plan means that $1 billion less in revenue will be collected,
meaning cuts to vital public investments that are critical to jobs and economic growth in our state like our world-class higher education system, our renowned medical centers and public safety.
- Cutting personal and corporate income taxes won’t grow the economy or help
create jobs in North Carolina. Our state promotes real economic growth by investing in quality schools to educate the future work force, efficient transportation so companies can transfer goods and services and people can commute to work safely. Businesses hire workers when demand for what they sell goes up, a much more important factor to job creation than a state’s income tax rate.
Tell North Carolina’s Senators and Representatives to stop shifting the tax load to hardworking North Carolinians in order to fund tax cuts for the rich and big corporations. Urge them to reject proposals like the Senate tax plan released this week that only shift the tax load even more to middle and low income families while cutting taxes for millionaires.