Thanks in large part to the rebound in the personal income tax, North Carolina is finally experiencing a slight uptick in revenues as the tepid economy slowly improves. Yet, at the first sign of revenues recovering, state lawmakers are pursuing tax policies that will pull back investments prematurely. North Carolina is already in a hole, and the tax plans being debated would make it very difficult for the state to dig itself out, make progress on unmet needs, and move forward.
These tax plans cut taxes for the wealthy and profitable businesses at the expense of everyone else. Proponents claim that these deep and lopsided cuts will create jobs and benefit everyone, but research simply does not support this conclusion. Read More