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Tax refunds from revenue “surplus” indicate the rich are getting richer
North Carolina House and Senate leaders continue to consider a flawed proposal that would send more than 600 million tax dollars from revenue over projections to some taxpayers. Analysis from the Fiscal Research Division and the Office of State Budget and Management reveals that the revenue over projections is primarily the result of income from […]
New analysis: A third of NC taxpayers won’t benefit from proposed tax refund plan
Proposal would also undermine preparations for next recession North Carolina Senate and House leaders are moving forward with a flawed proposal to spend the majority of the state’s revenue over collections, more than $600 million, to issue tax refund checks of $125 per taxpayer ($250 for married couples). Such a proposal undercuts the potential to […]
The N.C. budget stalemate, explained in GIFs
Earlier this summer, NC lawmakers passed a $24 billion conference budget that missed a number of opportunities to provide basic services and improve the lives of everyday North Carolinians. Within 24 hours, Governor Cooper vetoed the budget, calling it a “failure of common sense and common decency.” Denied Blocked GIF from Denied GIFs On July […]
New state budget and child care: Looking like another missed opportunity
With current conference on the final budget between the House and Senate underway, a new report from the Budget and Tax Center, a project of the NC Justice Center, shows how critical the decisions will be in the coming days for the state’s youngest children. North Carolina lawmakers last year failed to fully deploy federal […]
Landmark bill would strengthen early childhood education in N.C.
Earlier this year, the Budget & Tax Center released a report analyzing the role that public investments in North Carolina’s early childhood workforce could play in supporting our state’s goals of delivering high quality learning experiences to our youngest children. As the 2019-20 legislative session presses on, the early childhood education workforce and its advocates […]
Millionaire’s tax could raise revenue, spur growth, and advance race equity
Tax week represents a good time to reflect on how North Carolina’s current tax code places limitations on revenue building opportunities for much needed public investments. If North Carolina seeks to fulfill its commitments and ensure prosperity for all of its residents, then it must take advantage of sound policies — like placing high rates […]
Report: Ocasio-Cortez is right; a marginal tax rate on high incomes would be good policy for NC
In January, Representative Alexandria Ocasio-Cortez (D-NY) proposed the idea of raising marginal income tax rates — the tax imposed on each additional dollar of income after a pre-determined cut-off — on high incomes ($10 million+) as a means of raising revenue for key investments and addressing growing income inequality. Since then, a number of members […]
Report: Low wages vexing early childhood education in North Carolina
Earlier this week, the N.C. Justice Center’s Budget & Tax Center released a report analyzing the role that public investments in North Carolina’s early childhood workforce could play in supporting our state’s goals of delivering high-quality learning experiences to our youngest children. The report highlights the realities low-wage work presents for early childhood educators and […]
Report: How NC is failing early childhood educators and the children they serve
Making certain that every infant is safe and developing, every toddler is thriving, and every preschooler is prepared for kindergarten smooths the pathway to lifetime success and happiness for all North Carolinians. Recent data collected by the North Carolina Early Childhood Foundation finds that North Carolinians recognize the importance of the early years and want to see policymakers make a significant investment to ensure more children can access quality early childhood education.
State ‘millionaires’ taxes’ can fund key investments without harming state economies
State income tax increases on high-income residents can raise substantial revenues for investments in people and communities and are more likely to boost long-term productivity than harm short-term economic growth, according to a new report from the Center on Budget and Policy Priorities (CBPP). The facts about state millionaires’ taxes States have increased their top […]
State and local tax policies can advance or block racial equity. How is N.C. doing?
In a major report released today by the Center on Budget & Policy Priorities, researchers present a review of tax policy choices that have historically blocked opportunities for people of color and the ongoing challenge of assuming that tax policy is “race-neutral.” The findings are particularly important for North Carolina. Our state gets a mention […]
Low-income taxpayers in NC pay more of their income in state and local taxes each year than the richest taxpayers
A new study released today by the Institute on Taxation and Economic Policy (ITEP) finds that the North Carolina tax system is regarded as the 31st most regressive because low-income taxpayers are asked to pay more in state and local taxes as a share of their income compared to the rich. The study, Who Pays? […]