According to the Institute on Taxation and Economic Policy, this NC Senate proposal alone would deliver an additional average annual tax cut of $64,700 to millionaires in North Carolina, on top of their federal tax cuts and more than a decade of state cuts. This is more than 52 times the average amount received by non-millionaires, who would see roughly $1,200.
June 26, 2025
NC Budget & Tax Center: It’s Time for a Millionaire’s Tax in North Carolina
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