BTC Report: Income tax rate cap amendment is costly for taxpayers, communitiesITEP Work in Action
Imposing an arbitrary income tax cap in the North Carolina Constitution could fundamentally compromise our state’s ability to fund our schools, roads, and public health, as well as raise the cost of borrowing. This could all happen even as the tax load shifts even further onto middle- and low-income taxpayers and the state’s highest income taxpayers — the top 1 percent — continue to benefit from recent tax changes since 2013.
On Nov. 6, North Carolina voters will cast their ballot for or against a proposed change to the current maximum allowable income tax rate in the state Constitution. The proposed change would lower that maximum allowable rate from 10 to 7 percent.