[…] The North Carolina Senate unanimously passed legislation Tuesday to provide an immediate $145 million tax cut this year and an additional $205 million tax cut next year mostly benefitting middle class families and small businesses.
The Middle Class Tax Relief Act, sponsored by Senate Finance Committee Chairmen Bob Rucho (R-Mecklenburg), Bill Rabon (R-Brunswick) and Jerry Tillman (R-Randolph), would increase the state’s zero percent tax bracket by more than 12 percent over the next two years. […]
While all North Carolina taxpayers will see tax relief, 86 percent of the tax cut will benefit working and middle class families earning less than a combined $80,000 per year.
Tax cuts are great whenever we can get them. But, for the record, I HATE it when our side plays the left’s class warfare game. Folks with money — when they are allowed to keep more of it — tend to invest it in things that create jobs and grow the economy. MORE:
[…] For example, a married couple with two children earning the N.C. median household income of $44,000 annually will see an additional tax cut of $110 next year under the bill. Combined with other major tax reductions enacted by the General Assembly, the same family will pay about $340 less in state income taxes than they paid in 2013.[…]
This is a great start. It STILL has to make it through the House and past the Governor. But, it IS an election year and WHO in their right mind is going to fight a tax cut (before the polls close)?