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Federal tax reform is benefiting Americans. Take-home pay has increased for many and companies have begun to reinvest in their businesses and their employees.
Nearly 350 companies have announced bonuses, raises or benefit increases because of tax reform. That’s around 3.5 million Americans receiving bonuses due to lower tax rates.
Workers keep more of their own money and companies can provide more job opportunities. Everyone wins.
Tax reform that puts more money in taxpayers’ pockets and decreases the financial burden on businesses isn’t new for North Carolinians. Over the last five years, we’ve experienced tax reform that has reduced our tax burdens and will take our three-tier tax rate to one flat rate of 5.25 percent by January of 2019.
Now, North Carolinians are in a unique position.
The North Carolina General Assembly is considering SB 75, a bill that would allow taxpayers to protect themselves from income tax increases. If the House passes the bill, in November voters will have the opportunity to vote on a constitutional amendment that would cap the state personal and corporate income tax at 5.5 percent. It currently sits at ten percent.
You would have a chance to influence major change here in North Carolina by voting on this amendment, but first the bill must pass.
When taxes are lower, North Carolina residents and businesses thrive! Ask you lawmaker to support this bill and keep taxes low for North Carolina.