Apr 052017
 
The N.C. Senate voted 35-14 on Tuesday to cut corporate and personal income tax cuts, with all Democrats opposing the measure.
The N.C. Senate voted 35-14 on Tuesday to cut corporate and personal income-tax rates, with all Democrats opposing the measure. Senate Bill 325, titled “Billion Dollar Middle Class Tax Cut,” is expected to get a final vote on Wednesday and head to the House, where Republicans have proposed a less sweeping package of tax cuts. The Senate plan would reduce the personal income-tax rate from 5.499 percent to 5.35 percent while increasing the standard deduction from $17,500 to $20,000 for a married couple filing jointly, with similar increases for other tax-status categories. Because

a married couple making less than $20,000 wouldn’t owe any income taxes, the Senate estimates the change would take 94,000 families off the tax rolls.

“Under this plan, 99 percent of taxpayers would pay less or pay no state personal income taxes – and the bulk of the tax cut would benefit middle class and working families earning less than $50,000 per year,” Senate leader Phil Berger said in a news release after the vote. “Our previous tax cuts led to a booming North Carolina economy and helped generate 500,000 new jobs, and we hope Gov. Cooper will enthusiastically support this billion dollar middle class tax cut.” Source: Personal, corporate income tax cut passes NC Senate along party lines | News & Observer Read more here: http://www.newsobserver.com/news/politics-government/state-politics/article142700294.html#storylink=cpy
 Posted by at 12:23 pm

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