senior leaders in North Carolina Senate They want to cut the state’s already falling individual income tax rate even further than is already planned.
Senate Majority Leader Phil Berger and the chairmen of the House Senate Finance Committee were among those who introduced legislation on Wednesday that would lower the rate beyond what is planned to be carried through the 2021 budget bill.
This legislation would reduce annual increases from 4.75% to 3.99% starting in 2027. The new Senate measure would instead cut the rate deeper each year to 2.49% by 2027.
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Senate Republicans They argued that previous tax rate cuts were still successful in helping taxpayers by creating business activity that kept government coffers full.
“We believe this tax package will return a significant amount of money to taxpayers,” said Sen. Paul Newton, a Cabarrus County Republican.
House Republicans The state government’s budget proposal debated this week would make little change to the current tax rate cuts approved in 2021. They want to reduce the rate from 4.6% to 4.5% in 2024. But the 2027 rate will remain at 3.99%.