BTC BRIEF: The estimated impact of the Senate’s proposed tax modernization plan and recommendations for improvement

BTC BRIEF: The estimated impact of the Senate’s proposed tax modernization plan and recommendations for improvement

The Senate Finance Committee’s proposed tax modernization plan would require an additional 0.3% of income ($32 average annually) from the lowest income earners, 0.1% of income ($32 average annually) from middle-income
taxpayers and 0.1% of income ($958 average annually) from the highest 1% of income-earners. A new report by the NC Budget & Tax Center concludes that the plan would improve stability and long-term revenue adequacy, but additional measures should be taken to improve fairness.

Click here for a copy of the report.