Tax cuts for the wealthy and big, profitable companies have proven to be the wrong choice for North Carolina.
Despite mounting evidence that the 2013 tax plan is holding the state back from critical investments that will strengthen economic opportunity and the economy for the future and failed to address underlying systemic issues in our economy, policymakers have continued to pursue income tax cuts year after year.
New analysis by the Institute on Taxation and Economic Policy (ITEP) finds that, since 2013, North Carolina would have $2.8 billion more in annual revenue if state lawmakers had not changed the tax system that was in place in 2013.These dollars could have been invested in programs and services demonstrated to connect more people and places to economic opportunity, generating higher earnings for middle class workers and supporting thriving communities in rural communities and urban neighborhoods across the state.Tax cuts aren’t the tool North Carolina needs to build an economy that works for everyone.
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Check out our Policy Basic on this topic and our MINI-TOOLKIT on taxes that provides an overview of the analyses and tools that the Budget & Tax Center has developed to document the harm of the 2013 tax plan.
- For more background on the 2013 tax plan, click here.
- BTC Brief: The Cost Of Trickle-Down Economics For North Carolina