STATEMENT FROM THE N.C. BUDGET & TAX CENTER:
Senate tax proposal shifts burden from the rich to the poor
RALEIGH (May 7, 2013) — The Senate leadership has released a proposal that will harm working families and the broader economy.
By cutting income taxes and expanding the sales tax to more goods and services, the Senate leadership has pursued a shift in tax burden from the rich to the poor, not tax reform. The result is a plan that not only requires low-and middle-income families to pay more while the highest income families pay less, but also reduces the state’s ability to invest in a foundation for economic growth by cutting state revenues by $1 billion each year. That is equivalent to the entire community college system OR the combined budgets of the DHHS Divisions of Aging, Child Development, and Child Health and the Judicial Branch and NC Biotechnology Center.