Tax cuts for big, profitable corporations and the wealthy is the wrong choice for North Carolina.
In 2014, the harm of the tax plan passed in 2013 is already clear. Revenue losses have mounted, budget cuts have continued and working North Carolinians have lost the state Earned Income Tax Credit that helps them make ends meet.
Yet leaders in the General Assembly are pursuing more tax cuts, this time for profitable, primarily multi-state corporations. The proposal being discussed would reduce the corporate income tax rate from 5 to 3 percent resulting in a cost of $500 million and no likely benefits to the state’s economy.
Check out our analysis of Senate Bill 526 which would further reduce revenue and do nothing to help the economy.
MOBILIZING AGAINST MORE TAX CUTS FOR PROFITABLE CORPORATIONS
Tax cuts for profitable corporations aren’t a strategy that will address the ongoing challenges facing North Carolina’s communities and families. Here are some more resources on the problems with cutting taxes for profitable and multi-state corporations:
TELLING THE STORY OF TAXES IN NORTH CAROLINA
Taxes have made it possible for North Carolina to make the investments that set us apart from our Southern peers. Whether establishing the first public university system or building a K-12 public school system that served everyone, North Carolina was able to invest when we collectively committed to building that shared foundation for broad prosperity.
Under the current tax code, North Carolina can no longer make those bold and smart investments for our future while at the same time the state is asking low- and middle-income taxpayers to shoulder a heavier load while the wealthy and profitable corporations get a tax cut.
- Tell your story of how the tax changes are impacting your family finances and your community’s well-being. Visit the Soapbox Feature at NC Policy Watch.
- Join our letter to the editor corps to receive updates on opportunities to comment on tax, budget and economic issues in the media. You can email Julia Hawes at firstname.lastname@example.org to sign up.
- Bring our Faith and Fair Taxes materials to your congregation to support deeper conversations about the role of taxes in our communities.
MONITORING IMPLEMENTATION OF THE TAX PLAN
Here are a few of our latest resources on how the tax plan is harming North Carolina’s families and communities.
Check out our MINI-TOOLKIT on taxes 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 background on the 2013 tax plan, click here.