How Tax Cuts Put More Money in the Pockets of Middle Class North Carolinians

The Republican-led General Assembly in North Carolina has kept its promises to North Carolinians by passing historic income tax cuts this decade, growing the economy and benefiting the bottom-lines of average and low-income working  families across the state.

Republican tax reforms have put hundreds of dollars back in the pockets of middle class citizens in North Carolina by nearly tripling the standard deduction that millions of our families take while lowering the income tax rate.

Contrary to divisive and false claims that our tax policies only help the wealthy, the truth is we’ve focused the highest percentage of tax relief for low-income earners in our state. While our opponents wage class warfare to keep taxes high and grow the state government, Republicans have grown North Carolina’s economy by lowering taxes for every family.

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In 2008, under Democrat control of our state, a married taxpayer who filed jointly with their spouse and earned $50,000 a year in North Carolina paid $1,968 in total state income taxes.

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In 2017, under Republican control of North Carolina, the same taxpayer pays just $1,587 in state income taxes.

An average North Carolina taxpayer – a teacher, perhaps – saved $381 on their income taxes this year compared to last decade.

This simple calculation proves average and low-income taxpayers in North Carolina got a substantial income tax cut under Republican leadership this decade.

Our state’s standard deduction has nearly tripled from $6,000 to $17,500 over that time, and we’ve enacted a simpler, lower tax rate of 5.49% for all.

Since 2011 we have also repealed the “death tax,” lowered the sales tax from 5.75% to 4.75%, and cut the corporate tax from 6% to 3%.

The North Carolina economy has grown rapidly and created over 400,000 jobs this decade.

Where our state once had deficits and debt on the books last decade, we now have big budget surpluses and billions in rainy day reserves.

There are now competing proposals by Republican leadership in both the House and Senate of the North Carolina General Assembly to continue cutting the income tax rate and raise the standard deduction.

We want to build on the historic tax relief we’ve already provided to working families, because we know we can do more to meet their needs.

Republicans have maintained our commitment to put money back into the pockets of workers for the long-term in our state. That is what we believe will make North Carolina the most attractive, economically competitive and enjoyable place to live in the country.

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(Source: https://www.forbes.com/sites/realspin/2017/05/09/how-tax-cuts-put-more-money-in-the-pockets-of-middle-class-north-carolinians/#7f555c8e18c8)

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