North Carolina Justice Center: Still walking the path to zero: The Senate tax plan will harm North Carolina’s goal of building a stronger, inclusive economy

Senate leaders continue to pursue reductions to the income tax rate for wealthy taxpayers and profitable corporations even as they claim to be focused on helping low- and moderate-income taxpayers. This year they will do so without proposing immediate replacement of the revenue with sales-tax base expansions. The result is a loss of nearly $1 billion in revenue, meaning that the state’s tax code in the next fiscal year will bring in $3.2 billion less than it would have under the tax code pre-2013 changes. That’s more than the state currently pays for the North Carolina Community College system and the early childhood system statewide combined, and in a state that has seen its population grow by more than the entire city of Raleigh since that time.

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