By Tazra Mitchell
Budget & Tax Center Fellow
The North Carolina House of Representatives approved a two-year budget that falls far short of meeting the needs of children, working families and communities, and will hamper North Carolina’s economy. In addition to service cuts, the House intends to raise taxes on 95 percent of taxpayers, on average, in order to afford large tax cuts for the wealthy and profitable corporations. These tax cuts will cost $528.6 million in lost revenue over the next two years, with the cost ballooning to $651.1 million annually once the plan is fully implemented in the 2018 fiscal year.
Click here for a side by side comparison of the House and Senate budget plans.