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 $1 billion in annual revenue upon full implementation. This means more cuts to core public investments such as education, public safety, and other services that children, seniors, families, businesses, and our economy need.
In the short-term, the tax cuts will create an ongoing revenue crisis, where year-after- year lawmakers must focus on what services to cut to bring the budget into balance. Middle class and low-income North Carolinians will be hard hit by the likely combination of a weakened foundation for economic growth and increased sales and property taxes. In the long-term, such cuts will jeopardize the state’s economic competitiveness and the fiscal stability of local communities.