This morning, the Senate Committee on Redistricting and Elections approved Senate Bill 630 which would place a constitutional amendment on the November ballot to set the maximum income tax rate at 5 percent in the State Constitution.
All NC General Assembly House and Senate members who care about the future of our state should oppose any proposal to amend the state Constitution to further limit income tax rates.
Moving this unnecessary amendment to the ballot is a political ploy that would do nothing to ensure our public money is well spent, that our tax code is fair, or to ensure the total taxes paid by most North Carolinians remain low.
This amendment would lock in legislated income tax cuts that have already shifted the tax load onto North Carolinians with middle and low incomes and diverted billions of dollars to large, profitable corporations and the wealthiest households. It would make it far more difficult for future voters to have a say in how our tax policy should meet our priorities.
North Carolina’s low income tax rates already benefit the wealthiest households and profitable corporations, preventing us from keeping up with the needs of our growing state.
Lawmakers should pursue tax policies that ensure people and communities have what they need to get a good education, a good job and the care their families need – not unnecessary and costly amendments that will harm our state