Tax amendment proposal hurts North Carolina's working class

3 Comment(s) | Posted | , ,

Teachers, seniors and concerned citizens came together to rally against a right-wing proposal to provide a constitutional amendment that amounts to a Millionaire Protection Act. This law would handcuff future legislatures from making needed investments in education, while locking in historically low tax rates for millionaires.

ABC News: 

Representatives from Progress NC Action held a news conference in front of stretch limousines in Raleigh Wednesday to express opposition to proposed changes in North Carolina's income tax system.

Republicans say the proposed constitutional amendment to cap the personal income tax at 5.5 percent is another step toward tax overhauls designed to lower income tax rates and place greater reliance on sales taxes.

But opponents are calling it the "Millionaire Protection Act," saying it benefits the "limo class." They say the tax system benefits the rich and hurts the working class.

Treasurer Janet Cowell, a Democrat, wrote that restrictive constitutional limits are viewed as a disadvantage by rating agencies because they limit flexibility of the state to adjust to economic fluctuation.

Deputy Treasurer Greg Gaskins said a constitutional amendment seems unnecessary because the income tax is already scheduled to fall below the proposed cap.

Comments

  1. Linda Thomas's avatar
    Linda Thomas
    | Permalink
    VOTE NO ON THIS BILL. It's us t plain stupid t o make an amendment to the state constitution that will hamstring future legislatures considering the budget. This reduced tax rate has yet to be tested and our infrastructure is crumbling. What is the problem with a higher tax rate for those that have a greater share of the wealth? The income inequality gap needs to be addressed and our schools need more support, not less.
  2. John Harder's avatar
    John Harder
    | Permalink
    We don't need this.
  3. robert weeks's avatar
    robert weeks
    | Permalink
    The Charlotte observer misquoted Luis Gonzales<br /> http://www.charlotteobserver.com/news/politics-government/article84876047.html#storylink=cpy
    1. Leave a Comment