Tag: state EITC

Editorial: Tax plans hurt NC’s poorest workers

July 8, 2013 at 9:14 amCategory:Uncategorized

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This is from this morning’s Fayetteville Observer:

“The state’s fiscal year began last week, but it did so without benefit of a new budget. That’s on hold until the House and Senate can agree on much-needed changes in the tax code.

Unfortunately, the two legislative bodies are miles apart in their tax plans and appear determined to stay that way for a while. Until they settle on the way they’ll tax us, they can’t move forward on the way they’ll spend the money.

The Senate did blink last week. It passed a watered-down version of its tax plan Wednesday. But even that modified bill may be stronger medicine than many state interests want to take. It eliminates corporate income taxes over the next few years and cuts personal income taxes to a flat 5.75 percent.

Legislative analysts conclude that the measure will be most beneficial to the wealthy. Read More…

Demise of state EITC will harm 64,000 NC military families

July 2, 2013 at 11:20 amCategory:Uncategorized

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New from the numbers wonks at the Budget and Tax Center:

Allowing the state Earned Income Tax Credit to expire would harm veterans, active-duty military, a new analysis finds

RALEIGH (July 2, 2013) – About 64,000 veteran and active-duty military families in North Carolina would be impacted by current tax plans, all of which allow the state’s Earned Income Tax Credit to expire. New analysis by the Washington, D.C.-based Center on Budget and Policy Priorities and state-level analysis by the Budget & Tax Center found that tens of thousands of military families in North Carolina would be affected.

The Senate tax plan (HB 998, Fifth edition) being debated later today allows the state Earned Income Tax Credit (EITC) to expire, increasing the tax load on tens of thousands of low-income soldiers, veterans, and their families while the wealthiest taxpayers and profitable corporations get a tax break. Read More…

Experience of Low- and Middle-Income Taxpayers Down the Road if Senate Tax Plan Passes

June 20, 2013 at 8:47 amCategory:NC Budget and Tax Center

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If the Senate tax plan moves forward, it is very likely that many low- and middle-income taxpayers will see their tax loads increase .

The Senate plan, in addition to the House Plan, do not include the Earned Income Tax Credit, the best tool for ensuring that working low- and middle-income taxpayers are not carrying a heavier tax load than their wealthy neighbors. This decision by Senate and House leadership to end the Earned Income Tax Credit will impact more than 907,000 North Carolinians.

When you look at the Senate plan combined with the end of the state Earned Income Tax Credit and keep in place the local tax on groceries, it’s clear that low-income working families would pay more, while the rich pay less.BTC_Tax Shift Continues_Senate Tax Plan Read More…

League of Women Voters pans regressive tax plans

June 3, 2013 at 11:30 amCategory:Uncategorized

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Just in from the good people at LWV-NC:

League Opposes Tax Plans

The League of Women Voters of North Carolina, meeting in Charlotte for its 34th biennial convention, announced its opposition to tax plans now being considered in the General Assembly which promote unfair and regressive tax policies, including House Bill 998.  This opposition is in line with long-standing positions of the non-partisan organization.

The League, which led the successful state-wide campaign to repeal the tax on food in the 1990′s, expressed concern that the tax plans being considered in the General Assembly will actually impede, rather than deliver, economic growth, job creation and the quality of life for NC citizens. Read More…

Op-ed, infographic document importance of Earned Income Tax Credit

March 15, 2013 at 8:40 amCategory:Uncategorized

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As part of the generalized War on the Poor that they’ve been waging in recent weeks, state lawmakers have taken aim on the state Earned Income Tax Credit — an efficient program that provides workers earning low wages with a credit to offset their total state and local tax contributions.

Two new items documenting the folly of this action are worth a look this morning:

#1 is this op-ed in today’s edition of Raleigh’s News & Observer by Budget and Tax Center Director, Alexandra Sirota. As she notes:

“The EITC is an effective tool for keeping children and their families out of poverty, and it helps families keep working and on the path to the middle class.”

#2 is this new interactive infographic on the main Policy Watch site. It allows you to use your computer mouse to hover over any county in the state and get a glimpse of the credit’s impact.

Let’s hope state policymakers start paying attention to these compelling arguments.