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Replacing lost revenue in House tax plan
Posted By Cedric Johnson On June 5, 2013 @ 2:00 pm In NC Budget and Tax Center | Comments Disabled
After the House Finance committee increased the cost of the House tax plan to around $864 million, the House Appropriations committee decided today not to debate it. This decision highlights the trouble the state will have paying for the huge revenue loss caused by this bill. By cutting income tax rates and expanding the sales tax base to include more goods and services, this approach would shift the tax load to low- and middle-income taxpayers, cut taxes for wealthy individuals, and hurt the state’s ability to make vital investments in the state’s economy and quality of life.
There are some things lawmakers could do to lower the cost of the House bill, including:
As the proposed House tax plan continues to make its way through the legislative process, lawmakers will make choices that will impact the lives of all North Carolinians. The House tax plan in its current form is the wrong choice for the state.
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URL to article: http://pulse.ncpolicywatch.org/2013/06/05/replacing-lost-revenue-in-house-tax-plan/
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