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
“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
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.