North Carolina Budget & Tax Center: HB 998 is a tax shift: Millionaires will benefit while low-and middle income will pay
ITEP Work in ActionRALEIGH (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 be significant confusion over whether or not the proposal would result in tax increases for North Carolina taxpayers.
It’s important to set the record straight—the bottom 95% of taxpayers in North Carolina will on average see their taxes increase under this plan. All taxpayers will pay more in sales tax and not all taxpayers will receive an income tax cut. Many more will receive an income tax cut too small to offset the sales tax expansion.
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