Because North Carolina is Worth It!
Our partners at Together NC recently released a plan to put North Carolina’s fiscal house in order – A Plan to Restore Today and Build for Tomorrow. Click here to watch a short video summary of the plan.
What makes this plan different from the slash-and-burn path our out-of-control state legislature has chosen is that Together NC has proposed ways to raise the revenue needed to restore deep cuts to the programs and services the people of North Carolina count on while planning for a future where wealthy corporations and people contribute their fair share toward our shared prosperity.
The plan for today includes restoring the temporary penny sales tax, which would raise $1.1 billion. To offset the impact of a temporary one-cent sales tax hike on low-income households, Together NC proposes the legislature expand the refundable state Earned Income Tax Credit from 5% to 10% of the federal EITC. To address our upside-down tax system where poor and middle class families pay higher taxes than millionaires, the Together NC plan would add an 8.5% tax bracket on households that make more than $1 million, a proposal that would raise $76 million a year for North Carolina.
The plan for tomorrow includes:
- Making out-of-state corporations pay North Carolina taxes on North Carolina profits. Currently, that’s not the case. In fact, last year the legislature made it easier for corporate tax deadbeats to evade taxes.
- Right our upside-down tax system to make sure that our poorest residents don’t pay a higher share of their income than our richest by adding that new tax bracket on millionaires.
- Provide relief for hard-working families and help lift children out of poverty by expanding the state EITC.
- Broaden the sales tax base to include services so that the overall rate can be lowered for everyone.
Polling backs up the Together NC plan
Results of a new poll out this week show that the people of North Carolina agree with Together NC that North Carolina is worth it.
When Public Policy Polling (PPP) asked North Carolinians, “Do you support or oppose increasing the tax rate on those who make over $1 million per year?”, 62% said they support it.
When PPP asked, “Do you support or oppose requiring profitable out-of-state corporations to accurately report and pay their state taxes?”, 80% said they support it – a huge margin over the only 14% who opposed this simple measure for tax fairness.
In fact, making corporations pay state taxes on in-state profits is so popular that 78% of Republicans support such a move – if only their legislative leaders in the North Carolina General Assembly would listen to them! Only 16% of Republicans in North Carolina oppose this. How’s that for more proof, if you needed any, that the politicians on Jones Street are only listening to extremists?
When PPP asked, “To restore funding for state programs, would you support or oppose reinstating the temporary one-cent increase in the sales tax?”, a 53% majority said they would support it – hardly a radical fringe opinion as some would claim.
Learn more at http://www.TogetherNC.org/.