Editorial Boards Agree: Republican Tax Plan Hurts North Carolinians

Editorial Boards Agree: Republican Tax Plan Hurts North Carolinians

RALEIGH – Republicans in the Senate are set to vote today on a tax giveaway to corporations and the wealthiest few at the expense of everyday Americans and working families. Two weeks ago, the House approved their version of the bill. The GOP tax scam eliminates important tax credits while cutting funding to vital programs like Medicare, Medicaid, and SNAP. What’s worse is that the supposedly ‘fiscally responsible’ GOP plans to pay for these cuts by increasing the deficit by $1.4 trillion over the next decade. Here in N.C. the tax plan means local business will have a harder time hiring disabled workers, college sports gear will cost more, and downtown redevelopment will slow. Meanwhile, millions of middle-class households will see their taxes, tuition, and healthcare premiums rise. Editorial boards across North Carolina agree – this plan is a bad deal for North Carolinians.

See the coverage below:

News & Observer: Beware the tax plan bearing gifts

“The problems with the plans, however, are beyond just the additional $1.5 trillion added to the national debt by Republicans who once viewed any Democratic spending on social programs as inflationary and ruinous with regard to running up debt. Some nonpartisan analysts think that in the long term, middle-class Americans might actually be paying more in taxes, while the super rich pay less and less.”

WRAL: Under latest tax bill, N.C. sends $669 million MORE to Washingtn

“Don’t be fooled, people in 19 states, including North Carolina, will pay more in federal taxes under the “reform” plan being considered by the U.S. Senate. North Carolina will send $669.5 million more in 2027 to Washington than if nothing is done. Of course, not EVERYONE will pay more. The richest 1 percent in the state will get huge tax cuts while the bottom 60 percent would, on average, pay more taxes.

WRAL: Tax overhaul must work for all, not just rig it for rich and big business

“Who benefits from legislation that by 2026 will RAISE taxes on more than half of the country’s middle class families? Why is it GOOD policy to take money out of the pockets of the folks whose spending – on everything from groceries, appliances, vehicles, and homes – is really what drives our economy?… You don’t grow the economy by cutting taxes. The economy expands when consumers – mostly those at the middle income levels – have more disposable cash to go out and buy things. Look no further than our own state to see the proof. Over the last five years, the General Assembly has lavished tax cut upon tax cut to corporations and the wealthy while, in many ways, increasing tax burdens on those in the middle. What is there to show for it?  A stagnant economy, underfunded critical state needs, declining tax revenues and the distinct possibility of a half-billion hole in the next state budget.”

Greenville Daily Reflector: Estate tax benefits only people like Trump

“An estate tax repeal would provide a tax windfall of more than $3 million apiece for the top 0.2 percent of earners, and more than $20 million for the wealthiest Americans. It would cost $239 billion in revenue over a decade. It offers nothing for middle-class people, except more evidence of Mr. Trump’s and Republicans’ bad faith.”

Greenville Daily Reflector: Congress must restore teacher tax deduction

“The current House version of a bill to overhaul the federal tax code eliminates the educator expense deduction, a popular, uncontroversial line item that allows teachers to deduct the first $250 they spend on classroom supplies from their taxable income. Many teachers spend considerably more than that — an Education Market Association study pegged the average at $500 in 2015 and estimated that a tenth of all teachers shell out $1,000 or more — but the tax cut was at least an attempt to offset that burden…If our congressional leaders can’t find better ways to offset lost revenue than picking teachers’ pockets, it’s time voters send them home to bone up on basic arithmetic.”

Fayetteville Observer: Our view: Historic building tax credits face the wrecking ball

“If not for federal tax credits, the Prince Charles Hotel would likely be a pile of rubble by now…But thanks to a federal tax credit, the current owners will gain more than $2 million toward the aging and threadbare building’s rehabilitation. And that makes all the difference in making the project affordable to the developers…And if the tax-reform bill now in Congress passes in its present form, the tax credit — and thousands of beloved historic buildings — will be gone.”

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