- The Progressive Pulse - http://pulse.ncpolicywatch.org -

Capital gains tax breaks won’t help economy, bypasses most North Carolinians

A new report released today by the Budget & Tax Center [1] highlights how eliminating North Carolina’s taxes on capital gains would largely benefit those who need it least while making things worse for families struggling to make ends meet.

Some lawmakers and outside groups in North Carolina are pushing a plan that would benefit the wealthy at the expense of everyone else by ending state taxation of profits from selling artwork, vacation homes and other high-end items owned by relatively few North Carolinians. The proposal is part of a larger push to radically alter North Carolina’s tax structure to the detriment of the long-term well-being of the state and its residents.

Cap gains allocation [2]

Key findings from the report include:

At a time when so many families struggle to make ends meet and the state is cutting support for schools, higher education, and other essential job-creation tools, ensuring that the state’s tax system is fair and able to generate enough revenue for vial public investments is as important than ever. Now is the time to make sure North Carolina supports schools, community colleges and universities, and other important public services so that everyone has the chance to get ahead. State lawmakers should reject calls to eliminate or cut capital gains taxes and instead work to improve the state’s tax system so that it truly works for all North Carolinians.