This week, the Senate approved Senate Bill 325, Billion Dollar Middle Class Tax Cut, a bill that reduces income taxes for virtually all taxpayers and provides tax relief to North Carolina businesses. Estimates project that total tax savings will exceed $1 billion in the next biennium, and grow in size in future years.
These cuts will alleviate some of the tax burden on individuals and businesses in order to scale back government’s intrusion of our lives, and to create more job opportunities and economic growth.
In fact, the tax cuts laid out in SB 325 will benefit approximately 99% of North Carolina tax payers!
From a release sent by Senator Phil Berger’s office:
“Under this plan, 99 percent of taxpayers would pay less or pay no state personal income taxes – and the bulk of the tax cut would benefit middle class and working families earning less than $50,000 per year,” Senate leader Phil Berger said. “Our previous tax cuts led to a booming North Carolina economy and helped generate 500,000 new jobs, and we hope Gov. Cooper will enthusiastically support this billion dollar middle class tax cut.”