Even more states take the balanced approach
In a report released today, I wrote that 25 states have increased revenues since the start of the calendar year. Between the time that report was written and its release date, today, 5 more states have made decisions to raise taxes. A total of 30 states have raised revenues, with 7 more considering doing so. This number equals the number of states that raised revenues in the 2001 recession, a significantly less severe downturn.
Hawaii, New York, Wisconsin and Delaware have added top-income tax brackets or increased rates on high-income households. Wisconsin and Virginia among others have closed corporate loopholes. Many states have increased sales tax rates or broadened the sales tax base, including Tennessee.
The people of North Carolina support closing corporate loopholes and adding upper-income tax brackets to offset damaging cuts. We are fortunate in North Carolina that the Governor, House and Senate have all put out proposals to address our budget shortfall with some new taxes in order to prevent devastating cuts to public investments. It is high time for the House and Senate to reach a compromise on their competing revenue plans and pass a budget that raises a sufficient amount of revenue that will also make our tax system fairer and more stable in the long run.