Statements from the Budget and Tax Center
On the Senate Tax Plan receiving tentative approval:
The Senate tax plan will give tax cuts to the wealthy and profitable corporations while everyone else pays the price.
The loss of revenue for public education, the health and well-being of seniors and children, and our communities will harm everyday North Carolinians and the economy’s long-term health. Some North Carolinians will even experience income tax increases, including some seniors and families.
North Carolinians want a tax plan that won’t risk the things that have made our state great, especially not on a strategy that has been a proven failure in other states.
On the House Budget passing third reading:
Unfortunately the House is following path similar as the Senate by writing a budget that prioritizes tax cuts that primarily benefit the wealthiest instead of adequately funding our vital public investments. Our children, seniors and everyday families will suffer under this approach, and it will hurt our economy. We need an educated and trained workforce for a 21st century economy, and underfunding our public school system, community colleges, and universities takes us in the wrong direction.