February 20, 2015
Higher taxes coming on gas, mortgages, and tuition
From the petition page:
When Senate Republicans rolled out Senate Bill 20, they claimed it would cut the gas tax. Well, it turns out that it does just the opposite. After a temporary gas tax cut, the bill actually increases the minimum gas tax by 66%, which will cost NC taxpayers over $1 billion in less than 5 years.
But the regressive tax hikes don’t end with just the gas tax. The bill also expands the state income tax to include mortgage loans that were forgiven by lenders as well as forcing residents to pay state income tax on a federal deduction for tuition payments. If all of that wasn’t bad enough, Senate Bill 20 also fires 500 workers from the Department of Transporation.
Add your name to our petition calling on the General Assembly to reject these regressive tax hikes on working families.
“This issue is only coming up because the politicians in Raleigh are out of money,” said Progress NC Action executive director Gerrick Brenner in an email this week.
“Their tax giveaways to the rich have bankrupted our state and now they want you to pay. Sign our petition and tell them to reject these regressive tax hikes.” — Gerrick Brenner, 2/19/15
Republican state lawmakers are also pushing plans to eliminate capital gains taxes in North Carolina – a move the non-partisan Budget & Tax Center reports would make our already regressive tax system even more unfair to working families:
The proposal to eliminate the tax on capital gains is part of a larger push to radically alter North Carolina’s tax system, to the detriment of the state and its residents. State lawmakers passed a tax plan in 2013 that shifted the responsibility of paying for schools, health care and other public investments further away from the wealthy and profitable corporations to low- and middle-income families. The cost of the tax plan is sizable and continues to grow, meaning less revenue for investments that are the foundation for economic growth. For the current fiscal year, which ends June 30, 2015, that tax plan alone could reduce revenue by more than $1 billion.