The state Senate offered details today about a tax reform plan designed to cut North Carolinians’ tax burden by $1 billion over three years, starting in 2014. The plan eventually would reduce the top personal income tax rate from 7.75 percent to 4.5 percent, exempt the first $15,000 of income from any taxation, cut the corporate tax rate from 6.9 percent to 6 percent, reduce the sales tax by 0.25 percentage points while broadening the sales tax base, reduce the business franchise tax by 10 percent, and kill the death tax.
Senate leader Phil Berger, R-Rockingham, and Sens. Bob Rucho, R-Mecklenburg, and Bill Rabon, R-Columbus, discussed the plan during a 42-minute news briefing. Click play below to watch.
