Commentary

Staggering numbers in the latest congressional giveaway to millionaires

It’s probably gotten to the point at which no one can be shocked any more by the various actions or proposals of the nation’s right-wing leaders. As the following release from the good people at the N.C. Budget and Tax Center makes clear, however, Congress has truly outdone itself with its latest tax cut proposal:

House and Senate Budgets Threaten Billions in Cuts for North Carolinians to Set Up Tax Cuts for the Very Wealthy
Taxpayers who make over $1 million would see $93,000 average tax cut; bottom 20% would see $80 average tax cut

Raleigh (Oct. 5, 2017) —  The 2018 budget resolution that the U.S. House of Representatives passed today would slash billions of dollars from programs that help North Carolina families afford necessities and get ahead, according to a report by the Washington, DC-based Center on Budget and Policy Priorities. These damaging cuts pave the way for massive tax cuts for corporations and the very wealthy on the backs of working Americans.  A budget resolution that would have similar, harmful effects on North Carolinians is currently working its way through the Senate.

Both the House and Senate budgets set up a fast-track process for passing massive tax cuts for the wealthy and corporations.

The tax plan, released last week by congressional Republicans and the White House, would overwhelmingly benefit the top 1 percent in North Carolina, who would receive 58 percent of the tax cuts, a new analysis released by the Institute on Taxation and Economic Policy (ITEP) shows.

“In North Carolina, taxpayers who make over a million dollars each year (the top 0.5 percent) would see an average tax cut of $93,000, while the bottom 20 percent of North Carolinians would only see 1.7 percent of the tax cuts – or an average of $80,”  said Alexandra Sirota, Director of the Budget & Tax Center, a project of the NC Justice Center. “We have seen this approach before in North Carolina, and it doesn’t lead to better outcomes for most people.”

Not only would these tax cuts overwhelmingly benefit the very wealthy, they could also pile trillions onto deficits and likely force further cuts to health coverage and critical programs like education, and job training.

“Despite claims to the contrary, Congressional leaders’ budget and tax plans would make life harder for working families across North Carolina,” said Luis Toledo, Policy Analyst at the Budget & Tax Center. “North Carolina’s Congressional delegation should work to advance tax policies and budget priorities that boost the economy and invest in working families, seniors, and children.”

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