Ahead of Tax Day tomorrow, check out these five fast facts on taxes in North Carolina and remember: taxes make possible the smart investments that can build a stronger economy and vibrant communities across the state.
- More than half of the North Carolina’s revenue is collected through individual income taxes.
- More than half of North Carolina’s revenue invests in K-12 and higher education.
- The total taxes paid in the state by profitable corporations as a share of the economy has dropped from 9 percent in 1990 to 6 percent in 2014.
- North Carolina’s lowest income taxpayers pay 9.2 percent of their annual income in total state and local taxes while the state’s highest income taxpayers, with average incomes of $1 million, pay just 5.3 percent.
- Revenue growth year over year is far below historic levels limiting the ability of the state to support a thriving economy.