Lawmakers chose to drain available revenues by $524 million over the next two years through an ill-advised series of tax cuts that primarily benefit the wealthy and profitable corporations. This revenue loss isn’t just a number on a piece of paper—it means fewer teachers in more crowded classrooms, higher tuition rates and elevated debt load for families, scarcer economic development opportunities for distressed communities, and longer waiting lists for senior services.
And, what is not even accounted for in this budget is that more than $620 million will need to be cut from public investments in the years following this biennium. In the rush to pursue policies based on flawed and disproven economic theories, the impacts on children, families, and communities is an afterthought.
Strengthening state investments in public priorities and building a competitive economy requires state policymakers make the right balance of budget and tax policy choices. Neither the tax plan nor the final budget meets the standard expected by North Carolinians.
FOR MORE INFORMATION, CONTACT: Alexandra Forter Sirota, firstname.lastname@example.org, 919.861.1468; Tazra Mitchell, Budget & Tax Center, email@example.com, 919.861.1451; Jeff Shaw, firstname.lastname@example.org, 503.551.3615.