With help from ITEP’s number crunchers, the North Carolina Budget and Tax Center is busy setting the record straight about who wins and who loses under a myriad of tax reform proposals moving quickly through North Carolina’s legislature (and causing no small amount of drama!). On the heels of the House approving its version of tax reform earlier this week, the Senate is expected to pass its plan (check out this great infographic about it! and read full analysis here) early next week (June 17-21). It met approval on the Senate floor today, but bills require three votes to officially pass.
What do the House-approved and soon to be Senate-approved plans have in common? Both are unaffordable tax cuts that will results in massive spending reductions and give significant windfalls to the Tarheel State’s wealthiest residents and to profitable, out-of-state, multinational corporations. Sound like a good idea? No, we don’t think so either.