Cataloguing the Impact of the Senate Tax Plan
In any public policy debate, fact-based analysis is critical. As North Carolina continues to discuss a major overhaul to the state’s tax code, there are numerous analyses that allow lawmakers and the public to see how the Senate tax plan will impact taxpayers and the state.
Here are a few of the best resources and analysis:
- Roughly two-thirds of the tax cut offered in the Senate tax plan will go to the top 5 percent of taxpayers.
- There will be taxpayers—families and seniors—who lose under this plan.
- The tax plan is not more generous to low- and middle-income taxpayers.
- There is no economic consensus that tax cuts are an effective strategy for economic growth or job creation.
- In states that tax income less, property taxes and sales tax are higher.
- Counties and cities will both be hit hard by revenue losses.
In the face of such evidence, lawmakers should scrap the current tax plans and instead look for a way to reform the tax code without hurting middle-class and low-income families and local communities.