Sun Journal: A North Carolina Tax That is Too Taxing
media mentionRepublican leaders in the state Senate are betting on sales-tax revenues to keep North Carolina’s government afloat for the next few years. It’s a bad bet for most ordinary Tar Heels.
According to the nonprofit Institute on Taxation and Economic Policy, folks making $40,000 or less per year already pay between 5 and 6 percent of their income on sales taxes. Those in the top 5 percent income brackets pay 1.5 percent or less — often, much less. The Senate’s bill, as it stands, will make this disparity worse.