Excerpt From: PhilBerger.com.
The chairmen of the Senate Finance Committee on Thursday unveiled a roughly $1 billion tax cut proposal that would provide relief to the overwhelming majority of North Carolinians – with the most dramatic reductions going to middle class and working families and job-creating small businesses.
The Billion Dollar Middle Class Tax Cut Act, sponsored by Sen. Jerry Tillman (R-Randolph), Sen. Tommy Tucker (R-Union) and Sen. Andrew Brock (R-Davie), would continue Republican-led efforts to reform, simplify and cut state taxes – making our tax climate the most competitive in the region and among the most competitive in the nation. Beginning in 2018, the proposal would:
- Lower the personal income tax rate – In addition to North Carolina families, hundreds of thousands of small businesses pay income taxes at the personal income rate. Reducing the rate from 5.499 to 5.35 percent would keep North Carolina’s personal income tax rate one of the lowest in the Southeast. Before Republican-led tax cuts were passed starting in 2013, the state had the Southeast’s highest personal income tax rate at 7.9825 percent.