NC tax policy isn’t “fraudulent”
[link removed]
Hi there,
Who has really benefited from North Carolina’s income tax cuts over the past decade?
Recently the North Carolina legislature was accused of “fraudulent tax policies ([link removed]) ” by the progressive outlet NC Newsline. The accusers claimed that North Carolina’s push to cut taxes gave the wealthy tax breaks and hurt the poor.
But that’s not what the data shows. It shows that all individuals, regardless of income, received meaningful tax-cuts that put more money in their pockets.
In this week’s edition of Locke Notes, we’ll explain how tax cuts help low-income North Carolinians and make our entire state more prosperous.
[link removed]
It’s the Sales Tax
A study by the left-leaning Institute on Taxation and Economic Policy (ITEP) gave us the following data:
* The poorest North Carolinians pay 10.5 percent of their income in state tax;
* The middle pay 9.3 percent;
* And the top 1 percent pay only 6 percent.
But that study accounted for all state and local taxes, including sales taxes. It also ignored the impact of government benefits such as Medicaid on households’ tax burdens.
The study’s authors failed to note that North Carolinians who make less oftentimes spend more of their income on basic goods. That means a higher portion of their income is spent on higher sales taxes (again, the problem is that the sales taxes are too high). But when we isolate the income tax, we find that high-income earners actually pay a larger share of their income. ([link removed])
Tax Cuts Really Work
Everyone is enjoying income tax savings, particularly lower income earners.
For example, a taxpayer making $10,000-$24,999 per year would have paid around $317 in 2012, but just $209 in 2021.
Meanwhile, the state budget now has a $3 billion dollar surplus as our pro-business, pro-growth tax model attracts more individuals, families, and businesses to move to North Carolina.This boost in population is a strong indication that citizens believe NC is a state that holds opportunity for both their loved ones and themselves.
When the government lets hardworking people, like you, keep your money, all North Carolinians prosper.
Esse Quam Videri,
Brooke Medina
** See Our New Video
------------------------------------------------------------
[link removed]
** More from Locke
------------------------------------------------------------
Locke to Supreme Court: “Give the Fourth Circuit a Well-Deserved Bench Slap” ([link removed])
[link removed] has filed a brief urging the Supreme Court to protect our 2nd Amendment rights. Get the details on our SCOTUS brief here! ([link removed])
Issues with Latest Campaign Finance Reports for NC Legislative Candidates: What Kind and How Many? ([link removed])
[link removed] abound with financial reporting for legislative candidates in this year’s election. Of the 336 candidates seeking legislative office, nearly 14 percent had blatant issues with their campaign finance reports. Learn more about those problems by reading this ([link removed]) .
Warning of Solar Power Loss During Eclipse Forgets It Happens Every Night, All Night ([link removed])
[link removed] recent eclipse is a good reminder of an important but often overlooked issue with solar power. ([link removed]) What do we rely on when the sun isn't shining? Certainly not solar!
** Defining Digit
------------------------------------------------------------
11.3-14.6% ([link removed])
Approved energy rate hikes on NC customers ([link removed])
** Upcoming Event
------------------------------------------------------------
[link removed]
Donate ([link removed])
============================================================
** Facebook ([link removed])
** Twitter ([link removed])
** Link ([link removed])
** LinkedIn ([link removed])
Want to change how you receive these emails?
You can ** update your preferences ([link removed])
or ** unsubscribe from this list ([link removed])
.
