TeaParty approach to "lowering taxes" (NC)

http://www.ncpolicywatch.com/2013/06/17/monday-numbers-166/


542—amount in dollars of the INCREASE in state taxes under the latest Senate tax proposal for a single elderly person with no dependents with $55,000 total income including social security (“Who Loses? The NC Senate Plan Won’t Benefit Everyone, N.C. Budget & Tax Center, June 13, 2013)

75—percentage of net tax CUT in the Senate tax plan that goes to the wealthiest five percent of taxpayers (“Gambling Away Our Future: New Senate Tax Plan risks North Carolina’s long-term growth to give tax cuts to the wealthy and profitable corporations,” N.C. Budget & Tax Center, June 2013)

28—percentage of net tax cut in the Senate tax plan that goes to the wealthiest one percent of taxpayers (Ibid)

940,000—amount in dollars of the average annual income of the top one percent of taxpayers in North Carolina (Ibid)

12,582—amount in dollars of the average tax cut for the wealthiest one percent of taxpayers in the Senate plan (Ibid)

47—amount in dollars of the average tax cut for the bottom 20 percent of taxpayers in the Senate plan (Ibid)

66—percentage of overall sales tax increase in the Senate tax plan borne by in-state residents in the bottom 80 percent of income distribution (Ibid)

4.4 billion—amount in dollars the Senate tax plan will reduce state revenues over the next five years (Ibid)

1.3 billion—amount in dollars of the annual reduction in state revenues under the latest Senate tax plan when fully implemented (Ibid)

1.037 billion—amount in dollars of the continuation budget for the entire North Carolina Community College System (Committee Report – House of Representatives Appropriations Committee Report on the Continuation, Expansion, and Capital Budgets for House Committee Substitute for Senate Bill 402, 6/11/2013)

3—percentage of growth in state revenue that Senate President Pro Tem Phil Berger says the Senate plan will maintain with its flat income tax (“Gambling Away Our Future: New Senate Tax Plan risks North Carolina’s long-term growth to give tax cuts to the wealthy and profitable corporations,” N.C. Budget & Tax Center, June 2013)

8 billion—amount in dollars of the reduction in state revenue available for education, human services and other state investments in 2007 and 2008 had growth been limited to 3 percent a year for the last 20 years (Ibid)

6 billion—amount in dollars of the reduction in state revenue in the current year had growth been limited to 3 percent a year (Ibid)

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