Yesterday the Senate Finance committee voted to move forward a bill that would amend the state Constitution to cap the income tax rate at the low and arbitrary rate of 5.5 percent. The bill will ensure that the tax cuts for the wealthy and profitable corporations since 2013 will remain permanent. It will lock in the cuts to public schools, health and services that promote thriving communities.
It is fiscally irresponsible to limit the choices of future lawmakers as they seek to meet the needs of a growing state and changing economy. The result over time is likely to be more cuts to core public services and increases in other taxes that ask more from middle- and low-income North Carolinians.
Here are a few key flaws with locking into the state constitution the income tax rate: Read more