LEGISLATIVE BULLETIN: Support HB 879 - Millionaire’s Tax Needed to Support Critical Public Investments

EXECUTIVE SUMMARY:

• A new top tax bracket for couples making over $1 million per year and individuals making more than $600,000 per year would fund vital public investments, make the tax system fairer and boost economic recovery.

• Revenue from the millionaires’ tax would allow North Carolina to restore full funding for Smart Start ($37.6 million), More At Four ($16 million), Basic Skills education ($10 million), dropout prevention grants ($13.3 million) and protect Medicaid services from potential elimination ($16.5 million).

• Fears that such a tax would cause millionaires to leave the state are unfounded, as New Jersey’s recent experience proves.