ITEP Work in Action
North Carolina Budget and Tax Center: 2015 Budget Undermines North Carolina’s Competitiveness
December 11, 2014
The 2015 state budget, passed by the NC General Assembly and signed by Governor McCrory, undermines North Carolina’s competitive position in the 21st century global economy. Lawmakers failed to provide a high-quality education for all children, protect natural resources, support community-based economic development, or provide adequate health and human services to North Carolina residents. By […]
North Carolina Budget and Tax Center: 2015 Budget Undermines North Carolina’s Competitiveness
December 11, 2014
The 2015 state budget, passed by the NC General Assembly and signed by Governor McCrory, undermines North Carolina’s competitive position in the 21st century global economy. Lawmakers failed to provide a high-quality education for all children, protect natural resources, support community-based economic development, or provide adequate health and human services to North Carolina residents. By […]
North Carolina Justice Center: Stronger Earned Income Tax Credit and Minimum Wage – Both Needed to Help Low-Wage Working Families
September 8, 2014
There are two critical policy tools that can help put low-wage workers on the path to economic security: the minimum wage and the Earned Income Tax Credit (EITC). Together these policies ensure that working families can maximize their take-home pay to help make ends meet. Read the full report
North Carolina Justice Center: First in Flight from the EITC – Low-Income Working Families Bid Farewell to NC’s Earned Income Tax Credit
May 22, 2014
Unless lawmakers reverse course, close to one million working families in North Carolina will claim the state Earned Income Tax Credit (EITC) for the last time this tax season, bringing pain to individual families and local economies. One year ago, North Carolina lawmakers put an end to the tax credit and subsequently pursued deep tax […]
NC Policy Watch: North Carolina can make tax system more fair by reinstating its state Earned Income Tax Credit
May 22, 2014
It comes as no surprise to working families that North Carolina’s tax system is fundamentally unfair. Families who make less than $47,000 a year pay, on average, nearly 2 times more of their income in state and local taxes than those making more than $345,000. But taxpayers don’t have to accept this fundamental unfairness. One […]
North Carolina Justice Center: Raising the Bar in the Budget Debate
May 9, 2014
The Legislature’s upcoming budget debate is an opportunity to change the state’s direction and ensure a stronger recovery from the Great Recession. To do so, policymakers must make the critical investments needed to alleviate the economic struggles of North Carolina families, create pathways to the middle class, and strengthen communities across the state. Read the […]
North Carolina Justice Center: Who Pays in 2014 – Tax Plan Creates Winners and Losers in North Carolina
April 14, 2014
Changes are coming to who pays taxes in North Carolina, and the news is not good for middle- and low-income taxpayers. This tax season marks the final year taxpayers will file their income taxes under the state’s old tax code and by next year it will be apparent to many taxpayers that the tax plan […]
NC Policy Watch: Profitable corporations avoid paying fair share of taxes
March 21, 2014
As our state leaders continue to look for ways to give more and more tax cuts to profitable corporations, these corporations continue to find ways to avoid paying their fair share of taxes. It is a win-win proposition: Heads they win; Tails they still win! Read the Full Report
North Carolina Justice Center: Tax change for multistate corporations would harm state investments
March 20, 2014
State lawmakers are considering a change that would provide a tax cut to a handful of corporations and no guarantee of job creation, says a report released this morning by the Budget & Tax Center, a project of the NC Justice Center. It would also reduce available revenue for public investments by $90 million over […]
North Carolina Justice Center: Duke Energy the subject of another scathing report
February 27, 2014
One of North Carolina’s largest, most profitable (and most controversial) corporations is the subject of renewed criticism today. A new report co-released last night by the Washington, DC-based groups Citizens for Tax Justice and the Institute on Taxation and Economic Policy along with the North Carolina Budget and Tax Center reveals that Duke Energy has […]
North Carolina Justice Center: Many of America’s Most Profitable Corporations Pay Little or No Federal Income Taxes; Headquartered Companies in N.C. Top the List
February 26, 2014
Washington, D.C. (February 26, 2014) – A comprehensive five-year study of 288 highly profitable Fortune 500 companies finds that 111 of them paid no federal corporate income tax in at least one of the last five years while one-third paid a U.S. tax rate less than 10 percent over the same period, including 26 that […]
North Carolina Justice Center: Final Tax Plan Falls Far Short of True Tax Reform
September 11, 2013
The tax plan recently signed into law by Governor Pat McCrory fails to make the fundamental changes North Carolina needs to create a modern, adequate and fair revenue system that can boost the state’s economy and strengthen schools, health care and other services families need to prosper and the economy needs to grow. The plan […]
North Carolina Justice Center: The Math Doesn’t Add Up
July 15, 2013
The latest Senate tax plan continues to provide large tax cuts to the wealthiest taxpayers and profitable corporations, while shifting more of the overall tax load to middle-class families and reducing revenue for schools, health care and other services by nearly $1 billion each year when fully implemented. While Senators say the new scheme addresses […]
North Carolina Justice Center: No Protection for Working Families
June 21, 2013
Both the Senate and House tax plans would give huge tax cuts to the wealthy and profitable businesses while failing to address the state’s flawed tax system, which requires low- and moderate-income taxpayers to pay a larger share of their income in state and local taxes than wealthy taxpayers.The current tax system’s Earned Income Tax […]
North Carolina Budget & Tax Center: First Comprehensive Tax Legislation Would Not Protect Low- and Middle-Income Taxpayers from Tax Increases
June 14, 2013
80 percent of taxpayers would see slightly higher taxes under the first comprehensive tax legislation introduced this legislative session, while the top 1 percent of earners would get a tax cut. The proposal threatens to erode resources for schools, health care and other services North Carolina needs to be economically competitive. The proposal (Senate Bill […]
North Carolina Budget & Tax Center: State EITC is the best tool to reduce an increased tax load on low-income taxpayers
June 14, 2013
The State Earned Income Tax Credit is the best way to make sure that low-income North Carolinians are not paying more than their fair share of taxes, while also helping low-income families stay out of poverty and create a better future for their children. Unless lawmakers reverse course, close to one million working families in […]
North Carolina Budget & Tax Center: A Pathway to Poverty – 3 Reasons Why Tennessee is a Bad Role Model for North Carolina’s Economic Future
June 14, 2013
In the current debate over tax reform, legislative leaders frequently hold up Tennessee as a role model for improving North Carolina’s economic competitiveness and ensuring future prosperity. But a look beneath the surface reveals that the Volunteer State has the wrong kind of economy to emulate—Tennessee models a pathway to poverty, not a pathway to […]
North Carolina Budget & Tax Center: Key Concerns with House Bill 998
June 14, 2013
House Bill 998 proposes to cut tax rates with the goal of shifting to a consumption-based tax system. The legislation will result in a tax shift away from wealthy taxpayers and profitable corporations and towards middle- and low-income taxpayers while taking in less money for critical public services. Read the Full Report
North Carolina Budget & Tax Center: North Carolina’s Tax Shift Saga Continues
June 14, 2013
North Carolina’s House leadership has thrown its hat into the tax shift ring with a plan that would increase the tax load on middle- and low income tax-payers while providing the wealthy and profitable corporations a tax cut. The House plan would convert North Carolina’s personal income tax to a flat rate, while making North […]
North Carolina Budget & Tax Center: Analyzing the Impact of Tax Changes – Economic Incidence Analysis a more accurate measure of how taxpayers will fare
June 14, 2013
Policymakers need accurate information in order to make informed policy choices. And the general public, too, should know what is at stake when their elected officials propose tax changes. That is why it’s so important to have data on how the proposed tax changes in North Carolina will impact actual taxpayers in the state. The […]
North Carolina Budget & Tax Center: HB 998 is a tax shift: Millionaires will benefit while low-and middle income will pay
June 14, 2013
RALEIGH (June 7, 2013) — The House today gave tentative approval to a tax plan that will shift the tax load to low- and middle-income taxpayers, give the wealthiest taxpayers a tax cut and put our public investments at risk. During today’s floor debate of HB 998, the House tax reform bill, there seemed to […]
North Carolina Budget & Tax Center: House’s Flat Income Tax a Windfall for the Wealthy
June 14, 2013
The tax plan under consideration by the North Carolina House of Representatives would create a single income tax rate – known as a flat tax – that will shift taxes from the wealthy onto others. Proponents claim that doing away with the three rates North Carolina currently has, which rise along with income, is fair […]
North Carolina Budget & Tax Center: Gambling Away Our Future
June 14, 2013
New Senate Tax Plan risks North Carolina’s long-term growth to give tax cuts to the wealthy and profitable corporations THIS WEEK THE SENATE INTRODUCED ANOTHER TAX PROPOSAL. The new proposal, like all the others, is about massive tax cuts for the wealthy and profitable corporations, not tax reform. The Senate plan would cost more than […]
North Carolina Justice Center: Profiles in corporate tax avoidance- Duke Energy
April 12, 2013
Duke Energy at a glance Largest electric power holding company in the U.S.; serves vast majority of NC electric consumers Assets: $114 billion 2012 Profits: $1.792 billion Net 2012 tax rate: -2.6% (rebate of $46 million) 2008-12 profits combine: $9.1 billion Net 2008-12 tax rate: -3.3% ($299 million in total rebates) Read the Full Report
North Carolina Justice Center: Profiles in corporate tax avoidance- Merck
April 12, 2013
Merck & Co. at a glance One of the largest pharmaceutical companies in the world; key player in global vaccine production and distribution. 2012 Sales: $14 billion 2012 Assets: Total assets of the Merck Group—$28.3 billion Total Profits 2008-12: $19.6 billion Profits held offshore: $53.4 billion as of 2012 ($22.2 billion added betweem 2008 and […]
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