Federal Budget & Tax

JUST RELEASED: The Federal Budget Debate

As Congress returns to work after a long August recess, the debate over the federal budget deficit is returning to the front burner, with several key milestones rapidly approaching over the next several weeks and months. The key “decision points” facing Congress and the choices that elected officials make will have a significant impact on North Carolina.  Each represents an important choice — whether to take a balanced approach to deficit reduction that includes new revenues and strengthens our economy, or to persist in making harmful spending cuts to key public investments.

Factsheet on key points in federal budget debate

IN FOCUS: Sequestration Watch

Sequestration is impacting communities, families and seniors across North Carolina.  These across the board cuts in federal spending have meant fewer meals for homebound seniors, fewer slots for early childhood education and fewer dollars for research and development at universities.

Read the BTC Brief on how federal sequestration cuts are compounding budget challenges here in North Carolina.

ABOUT OUR FEDERAL BUDGET & TAX WORK

State level decisions are often impacted by what is going on at the federal level.  Particularly important in the current federal debate with significant implications for North Carolina are discussions of deficit reduction and tax policy, most specifically the Bush Tax Breaks. 

Federal Tax Policy – The country, like the state, is in need of revenue reform that can improve the alignment of the tax system with ability to pay and ensure that investments can be made to support the economic recovery and a strong economy moving forward.  Key to progressive federal revenue reform will be eliminating the Bush-era tax cuts for those earning more than $250,000. The Budget and Tax Center analyzes the federal tax system, its progressivity and adequacy, and how it impacts North Carolinians.

Deficit Reduction – Deficit reduction has been a significant part of the public debate in recent years.  The Budget and Tax Center analyzes deficit reduction proposals with an eye to their impact on North Carolina and communicates with and informs partners and North Carolinians about the importance of these federal discussions to their everyday lives.