Tax Cuts for All: Tax Reform Means Savings to All NC Income Groups
The average North Carolina household in every income category received a tax cut from the 2013 tax reform.
In 2015 households earning less than $25,000 will have $79 million in tax savings from the 2013 tax reform. Households earning less than $50,000 will save more than $147 million.
If one takes into account the full effect of tax changes made since 2011, all the result of conservative legislative action, the lowest income earners will save $157 million in 2015. The savings for all households at the bottom end of North Carolina’s income distribution, those earning less than $50,000, comes to almost $350 million.
The savings to all lower- and middle-income households in North Carolina earning less than $100,000 a year is more than $682 million.
The 2011 sales tax cut, opposed by Democrats, resulted in middle- and lower-income families receiving more than twice as much in tax relief as those earning more than $100,000 a year.
The average household in every income group is seeing its tax burden reduced from both the 2011 sales tax reduction and the 2013 tax reform package.
Considering both 2011 and 2013 tax changes, the average household in both the lowest and highest income categories is receiving a tax cut of about 1 percent of income…
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