As people celebrate Pi Day (3/14) today around the world, the Budget & Tax Center is revisiting some of our most telling pie charts for North Carolina from the past year.
These graphs show us that, like pi, there are some things in North Carolina that are constant: that we need a collective commitment to well-being for everyone in the state, and that it hurts us all when we prioritize tax cuts for the wealthy few and don’t invest enough in our public institutions.
Income, as evidenced by the latest data, is increasingly concentrated at the top. More than 51 percent of all income in the state in 2018 went to the top 20 percent, and 23 percent went to the top 5 percent.
North Carolina’s collection of revenue — that provides things that everyone needs like health care and education — relies less on income tax from personal and corporate sources. This contributes to both our upside-down tax code and, over time, our tax code’s inability to keep up with the needs in our communities. This is in part because, as noted above, income is growing at the top. Read more