NC Republicans unveil tax cut proposal
RALEIGH, N.C. (WITN) -North Carolina Republicans have unveiled a major tax cut proposal.
Tuesday, State Senator Paul Newton outlined the details of the plan.
It includes reducing the personal income tax rate from 5.2 percent to 4.9 percent.
It would also increase the zero tax bracket from $21,500 to $25,500.
Republicans also want to increase the child tax deduction across the board by $500.00.
Newton says, “Responsible governance also means we’ve come out of the pandemic recession far better off than most states. We have large cash reserves and yet another budget surplus, our sixth in seven years. The Republican philosophy when government takes too much money from the people is to give it back in the form of tax relief.
Democratic Governor Roy Cooper has proposed an alternative, much less expansive two-part tax cut proposal that would include an earned income tax credit for lower-income workers and a credit for child and dependent care.
It is likely both proposals will change, as Republicans and Democrats work towards a bipartisan agreement.
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