Last week, with the release of the tax changes planned by President Trump and leaders of the US Congress, North Carolina taxpayers braced themselves for another layer of experimentation that is sure to fail our communities and our economy.
New data released today by the Institute on Taxation and Economic Policy confirms that the tax changes will primarily benefit the country’s wealthiest taxpayers, fail to target the middle class and reduce the ability to fund core public services in all 50 states.
In North Carolina, 57.6 percent of the net tax cut goes to the top 1 percent of taxpayers in the state. While better than the national figure of 67.4 percent, it is a staggering figure signaling the failure to achieve the middle-class tax cut promised.
Here are three additional points that are important in reviewing the proposed changes at the federal level: Read more