10,000 Petition Signatures Calling for Repeal of Reckless Tax Cuts Delivered to Speaker Tillis & Sen. Berger
Remember when Gov. McCrory claimed that “tax reform” must be “revenue neutral”? When legislative leaders predicted increased revenue?
RALEIGH -- On Thursday, Progress North Carolina Action join concerned citizens, educators and parents to deliver 10,000 petition signatures demanding that lawmakers repeal their reckless tax handout scheme after nonpartisan evidence has shown their plan has failed to boost revenue.
When Republicans first proposed their massive tax cuts for big corporations and the wealthy, Gov. McCrory promised in his State of the State Address that "it must be revenue neutral." But last week, nonpartisan legislative analysts said the slashed income taxes which benefit the wealthy will actually cost the state $680M in revenue in just the first year alone. That’s 43 percent higher than the original estimate, and over twice as much as the cost of raising teacher salaries this year.
That revenue loss is only expected to grow, because more reckless handouts are scheduled to go into effect at the end of the year. Over five years, the income tax handouts alone will end up costing the state a whopping $5.3 BILLION in lost revenue.
“Gov. McCrory told voters last year that any ‘tax reform’ must be revenue neutral,” said Gerrick Brenner, Executive Director of Progress North Carolina Action. “Instead, this legislature and governor approved a reckless tax giveaway which primarily benefits the wealthy and damages our ability to adequately fund our public schools. Lawmakers should repeal these reckless tax cuts as part of approving a responsible budget.”
For more information about the failed tax handout scheme and how it hurts our teachers and students, contact Logan Smith at 919-259-4772.