North Carolina's Budget Resolution

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Governor Bev Perdue signed the budget passed by North Carolina's legislature last week. The compromise budget raises nearly $1 billion in needed revenue (about 23% of the state's budget shortfall for the fiscal year). While we can't describe all the revenue raisers as pleasingly progressive (the sales tax and various excise taxes were increased), legislators did opt for a progressive income tax surcharge targeted to upper income taxpayers instead of an across the board surcharge.

The North Carolina Budget and Tax Center identifies the silver lining of the budget agreement. First, new revenue was raised, and second, there is new momentum for comprehensive tax reform.

Read more about BTC's take on the compromise here.

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