Progress North Carolina Statement on So-Called State Budget Surplus in North Carolina
RALEIGH -- Progress North Carolina released the following statement in regards to Gov. Pat McCrory’s announcement of a supposed state budget surplus:
"For working families, this so-called state surplus is the result of a GOP tax shift that's built on the backs of thousands of seniors, who are paying more in state income taxes thanks to the GOP's repeal of the medical expense deduction. It's built on the backs of thousands of low-wage workers who are paying more in taxes because of the GOP's repeal of the Earned Income Tax Credit. And it's built on the backs of thousands of small business owners after the GOP repealed a key small business tax break.
“Revenue may be up, but working families are paying more in state taxes while their wages remain stagnant. Median income in North Carolina has fallen from 38th in the nation when the GOP took control of the legislature to now 47th, below even South Carolina. If this GOP tax shift is working for anyone, it’s big corporations and people at the top.
- Gerrick Brenner, Exec. Director, Progress North Carolina