NC Republicans Raise Taxes on Working Families While Giving Huge Tax Breaks to Millionaires

JESSICA DESVARIEUX, TRNN PRODUCER: Welcome to The Real News Network. I'm Jessica Desvarieux in Baltimore. This year, due to the largest overhaul of the tax system in 80 years, North Carolina is getting rid of their earned income tax credit. This change in the tax law was passed by the GOP-controlled government in the previous legislative session. On top of that, the state's richest residents and corporations will receive large tax breaks, and the North Carolina Justice Center estimates residents with average incomes of nearly $1 million will receive a total tax cut of nearly $10,000, while the corporate tax rate will decline from 6.9 percent to 5 percent next year and could fall all the way to 3 percent if revenue goals are met in 2017. Now joining us to unpack all this is Bill... read more
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NC Republicans Raise Taxes on Working Families While Giving Huge Tax Breaks to Millionaires