Tax Cuts Stacked to the Benefit of Wealthy, Corporations
In a presentation from the North Carolina Budget and Tax Center, Executive Director Alexandra Forter Sirota shared how North Carolina’s income and corporate tax policies are stacked in favor of the wealthiest while leaving the rest of the state on the hook.
Particularly striking is the amount of money saved by the top 1% -- between state and federal tax changes, the top earners in North Carolina have seen their taxes slashed by approximately $74,000 a year. The poorest North Carolinians actually saw their taxes increase over that timeframe, according to the organization.
Over the next few years, North Carolina is going to take in billions of dollars less than we otherwise would due to the ongoing race to the bottom on taxes. By fiscal year 2031, the Budget and Tax Center estimates more than $13 billion in revenue loss.
“North Carolina is overdue on our state budget because Senate Republicans are hellbent on racing us to the bottom in terms of revenue,” House Democratic Leader Robert Reives said. “We are already struggling to fund the basics of state government. We will be crippled by a recession when, not if, one happens. Senate Republicans will not be content until North Carolina is another failed trickle-down experiment like Kansas tried and reversed not ten years ago.”
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