BTC JUST RELEASED: New BTC report on importance of state personal income tax
APRIL 19, 2012
Just Released: New BTC report on importance of state personal income tax
Just Released is a new email update from the Budget and Tax Center that brings you a quick summary of our most recent research on the economy, poverty, the state budget, and taxes. If you haven’t yet passed it on to your colleagues and friends to get the latest from us, send them here to sign up.
New report highlights the integral role of North Carolina’s state personal income tax
Today the Budget & Tax Center released a report, "The Case for the Personal Income Tax", that details how critical North Carolina’s state personal income tax is to sustaining our state’s public investments and doing so in an equitable manner. Among the report’s key findings:
- North Carolina’s personal income tax represents half of the revenue collected by the state each year – $10 billion in 2011.
- North Carolina’s reliance on the personal income tax has yielded state revenues that have kept better pace with the growth of the economy as well as residents’ incomes, contributing to long-term adequacy of the state revenue system and enabling North Carolina to better meet fast-growing demand for public investments and services.
- The personal income tax is also critical for bringing the state’s revenue system closer to fulfilling the three primary principles of a responsible, modern revenue system – equity, adequacy, and stability.
This report is the first in a series examining the pillars of a strong state revenue system.
If you want to read more about North Carolina’s tax system and recommendations for change, check out these publications and resources:
- BTC Brief: Five strategies to rebuild North Carolina’s public structures
- BTC Brief: State investments reach 25-low
- BTC Report: The future is now-a plan to modernize North Carolina’s revenue system