Fitzsimon File

Monday numbers

500—amount in dollars of the annual increase in taxes that a family earning $24,000 dollars a year would pay under the tax reform proposal from Senate Republican leaders and the Civitas Institute written by economist Arthur Laffer (“BTC REPORTS: A “Laffable” Plan for Tax Reform – The Civitas/Laffer/Senate Plan for North Carolina Shifts Load to the Poor, Middle-class,” January 2013)

8,172—amount in dollars of the annual reduction in taxes that a family earning $228,000 would receive under the Civitas/Laffer/Senate tax reform proposal (Ibid)

41,000—amount in dollars of the annual reduction in taxes that a family earning $1 million dollars would receive under the Civitas/Laffer/Senate tax reform proposal (Ibid)

20.18 billion—amount in dollars of the current state budget approved by the 2012 General Assembly (House Bill 950, Modify 2011 Appropriations Act, Session Law 2012-142)

12 billion—amount in dollars of state revenue currently generated by the personal and corporate income taxes and the business franchise tax that would all be eliminated under the Civitas/Laffer/Senate plan tax reform proposal (“BTC REPORTS: A “Laffable” Plan for Tax Reform – The Civitas/Laffer/Senate Plan for North Carolina Shifts Load to the Poor, Middle-class,” January 2013)

60—percent of North Carolina taxpayers who would receive a tax increase under the Civitas/Laffer/Senate plan tax reform proposal—low income and middle class households (Ibid)

20—percent of North Carolina taxpayers who would receive a tax cut under the Civitas/Laffer/Senate plan tax reform proposal—the wealthiest 20 percent (Ibid)

5—number of days since the nonpartisan Institute on Taxation and Economic Policy released a detailed analysis of the Civitas/Laffer/Senate finding that it relies on “an economic analysis that is fundamentally flawed to the point of making it entirely useless.” (“More Inaccuracies, Bigger Omissions: Arthur Laffer’s Newest Study of Income Tax Repeal Falls Short, Institute on Taxation and Economic Policy, January 2013)

5—number of says since State Budget Director Art Pope said the Civitas/Laffer/Senate plan tax reform proposal was regressive and would unfairly burden senior citizens (“McCrory still open to dumping state income tax,”WRAL.com, January 24, 2013)

5—number of days since House Speaker Thom Tillis said he did not want any tax reform plan to be revenue neutral, that he wanted to collect less revenue for the state (“Thom Tillis urges careful approach on taxes,” Charlotte Business Journal, January 23, 2013)

4—number of days since Governor Pay McCrory said the Civitas/Laffer/Senate plan tax reform proposal was still under serious consideration (“McCrory still open to dumping state income tax,”WRAL.com, January 24, 2013)

Like this article?


Our work is supported by readers like you.

Help us to continue expanding our aggressive reporting and thoughtful commentaries. Make a tax-deductible financial contribution today!