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Statement from Budget and Tax Center on Announcement of House Tax Cut Plan
Posted By Alexandra Sirota On May 16, 2013 @ 11:32 am In NC Budget and Tax Center | Comments Disabled
The House tax plan will put at risk funding for educating our kids, maintaining our natural resources, and keeping our communities safe, all in order to provide the wealthiest North Carolinians with tax cuts.
The centerpiece of the plan is an unaffordable income tax cut that will primarily benefit the rich and profitable corporations. The $1.2 billion price tag over five years is more than what we spend on our community colleges annually.
Washington lobbyist Grover Norquist is wrong about both the House and Senate tax cut plans. Neither is a good strategy for generating economic growth, better-paying jobs or encouraging people to move here. What North Carolina needs is an educated workforce that supports innovation and a high quality of life, which will continue to make the state a great place to live and do business. These ingredients for a strong economy require state investment that simply won’t be possible if these tax cuts become law.
Both tax plans are losing strategies for North Carolina. Not only will families be harmed but the foundations of economic growth will also be threatened.
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