"Tax Freedom Day" a Reminder of the Value of Shared Public Investments and Why We Need to Protect Those Investments
Budget & Tax Center staff available to bust myths surrounding taxes this week
RALEIGH (April 5, 2011) -- The Tax Foundation’s so-called “Tax Freedom Day” will arrive a bit earlier in North Carolina this year. According to the Tax Foundation’s calculations, April 6 is the day when North Carolinians—as a whole—will have earned enough to pay for their federal, state and local contributions to the public structures we all enjoy. The group calculates that national “Tax Freedom Day” will fall on April 12.
Budget & Tax Center staff will be available to provide a critique of the “Tax Freedom Day” methodology and calculation as well as a different perspective on the role of taxes in our state’s economic growth and North Carolinians’ well-being. Among the key facts that should be part of the story:
- The freedom we all enjoy rests on the opportunity and security provided by the public structures that our tax dollars pay for—our public schools and institutions of higher learning, our hospitals and health clinics, courts, police, and fire protection.
- Federal tax collections in 2009 and 2010 were lower as a share of the economy than any time since 1950. (Tax Policy Center)
- State tax collections next year are projected to reach their lowest levels as a share of state residents' income in at least 40 years. (NC Budget and Tax Center calculations from OSBM and BEA data)
- The wealthiest North Carolinians pay a lower share of their income in state and local taxes than low- and moderate-income North Carolina families. (Institute on Taxation and Economic Policy)
- In part to pay for lowering tax rates next year, state policymakers are proposing damaging cuts to public education, physical and mental health services, and public safety. This underinvestment will harm the state’s prospects for economic recovery and the well-being of North Carolinians.
Who: Edwin McLenaghan, Public Policy Analyst and Alexandra Forter Sirota, Director
When: April 6th
What: Available to provide a different perspective on Tax Freedom Day
For more information, contact: Alexandra Forter Sirota, email@example.com, (919) 861-1468; or (919) 801-0465; Edwin McLenaghan, (919) 856-3192; Jeff Shaw, Director of Communications, NC Justice Center, firstname.lastname@example.org, (919) 863-2402 (office) (503) 551.3615 (mobile).