If you watched last night’s edition of News 14 Carolina’s “Capital Tonight,” you might have heard my reference to the 82 percent of North Carolina taxpayers who would get a tax break under the N.C. House’s tax reform plan.
John Hood used the same information to offer more detail in his latest Daily Journal:
According to a just-released analysis of the bill by the legislature’s nonpartisan fiscal staff, more than 80 percent of North Carolina households would pay less state tax under the House plan than they otherwise would, including all households below $40,000 in income, all singles, and all heads of households. Only a small number of married couples would see a net tax increase, ranging from $9 to $43 a year depending on income.
To recap:
- Single taxpayers in every income category would get a tax cut.
- Heads of household with one child in every income category would get a tax cut.
- Every taxpayer with taxable income of $40,00 or less would get a tax cut.
- Some married couples with taxable incomes larger than $40,000 (about 18 percent of North Carolina taxpayers) would face a tax increase ranging from $9 to $43.
- Four out of five taxpayers would face a lower tax bill than they otherwise would under state tax law. Those outside that group would see taxes increase no more than $43 a year.
