Income tax cuts clear NC Senate committee over Democrats’ objections

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Last week, the North Carolina Senate Finance Committee approved Senate Bill 325 – sponsored by the chairs of the committee – that supposedly cuts taxes by nearly $1 billion.

2) The tax cap amendment would serve as yet another costly giveaway to the rich at a time when recent income tax cuts have already done great damage. " Income tax cuts passed since 2013 have given the wealthiest the biggest benefits, and have greatly reduced the revenue available to invest in thriving communities.

The current individual income tax rate in North Carolina is 5.75 percent. That rate is scheduled to fall to 5.499 percent in 2017. The 2013 tax reform package incrementally cut the corporate income tax rate from 6.9 percent to 5 percent. Last year, lawmakers lowered the corporate rate to 4 percent for 2016.

The budget provides an 8 percent across-the-board income tax cut for all workers and eliminates the income tax for all Ohioans who earn $22,500 or less. The cut would be phased in over two years with a half of the cut going into effect in each year. The Senate’s spending plan goes further than the House’s proposed budget.

The Senate plan would cut the personal income tax rate from 5.499 percent to 5.35 percent. The House plan does not include any changes to the personal income tax rate. Also included in the Senate bill is a provision that would cut the corporate income tax from 3 percent to 2.75 percent in the next fiscal year and again to 2.5 percent in the following year.

Income tax cut passes NC Senate along party lines. The Senate plan would reduce the personal income-tax rate from 5.499 percent to 5.35 percent while increasing the standard deduction from $17,500 to $20,000 for a married couple filing jointly, with similar increases for other tax-status categories.

NC Senate to vote on tax cuts Tuesday. Under the measure, beginning in tax year 2018, the state’s flat income tax rate, currently at 5.499 percent, would drop to 5.35 percent. The standard deduction – the amount of income on which no tax is owed – would rise from $17,500 to $20,000 for married joint filers and from $8,750 to $10,000 for single filers.

The House passed tax legislation earlier this month over the objections of Democrats. to the Joint Committee on Taxation. The CBO concurred with that assessment in its 11-page report on Sunday. It.

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