Are NC tax cuts a race to the bottom? (Hendersonville Times-News) -- The 2013 N.C. tax reform Gov. Pat McCrory praised when he signed it into law provided the overwhelming benefits to higher-income taxpayers and increased sales taxes on consumers. A family with a taxable income of $50,000, which is above the median income, received a tax cut of $388. A family with a taxable income of $200,000 received a tax cut of $2,938. While families with higher taxable incomes benefited significantly, the vast majority of taxpayers who have much lower taxable incomes received a very small cut in their income taxes. Who ends up paying most of the sales taxes? Those with taxable incomes below $50,000. Did this tax reform really put more money in most families’ budgets?
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