Monday numbers

Monday numbers

- in Fitzsimon File

Numbers_type400

1—number of days until Tax Day 2014, the last time almost a million North Carolina families will be able to claim the state Earned Income Tax Credit (EITC) that state lawmakers have allowed to expire (“First in Flight from the EITC: Low-Income Working Families Bid Farewell to North Carolina’s Earned Income Tax Credit, N.C. Budget & Tax Center, March 2014)

7—number of years since the state EITC was established (Ibid)

907,000—estimated number of low-wage workers in North Carolina that claimed the state EITC in 2012 (Ibid)

1.2 million—estimated number of children in families that benefited from the state EITC in 2012 (Ibid)

119—amount in dollars of the average credit received by state EITC recipients in 2012 (Ibid)

64,000—number of military families that benefited from the state EITC in 2011 (“64,000 North Carolina Military Families Set to Lose EITC, Experience Tax Increase, N.C. Budget & Tax Center, July 2013)

272—amount in dollars of the state tax increase some of the military families will experience in 2013 thanks to the expiration of the state EITC (Ibid)

298,000—number of children the federal EITC lifted above the federal poverty line between 2010 and 2012 (“First in Flight from the EITC: Low-Income Working Families Bid Farewell to North Carolina’s Earned Income Tax Credit, N.C. Budget & Tax Center, March 2014)

10—rank of North Carolina among the 50 states in highest overall poverty rate and child poverty rate (Ibid)

60—percentage of recipients of the state EITC that rely on it as temporary support for one or two years (Ibid)

107.7 million—amount in dollars of the cost of the state EITC in 2012 (Ibid)

1.4 billion—amount in dollars of the cost of income tax cuts provided to the wealthy and big businesses under the tax plan passed in 2013 when it is fully implemented (Ibid)

1—number of states with a state EITC that have allowed it to expire in the last 30 years (Ibid)

80—percentage of North Carolina taxpayers—the bottom 80 percent—who will are paying more under the tax plan approved by the General Assembly last summer that allows the state Earned Income Tax Credit expire (“Final tax plan pits at risk what makes North Carolina great,” N.C. Budget & Tax Center, August, 2013)

66—percentage of tax cut passed by the 2013 General Assembly that is going to the wealthiest one percent of North Carolinians (“Final tax plan pits at risk what makes North Carolina great,” N.C. Budget & Tax Center, August, 2013) 940,000—amount in dollars of annual income of wealthiest one percent of North Carolinians (Ibid)

374 million—amount in dollars of the cost over four years of lowering the corporate income tax that was part of the 2013 tax plan (“Final tax plan pits at risk what makes North Carolina great,” N.C. Budget & Tax Center, August, 2013)

8—percentage of North Carolina businesses that are subject to the corporate income tax (Ibid)

About the author

Chris Fitzsimon, Founder and Executive Director of N.C. Policy Watch, writes the Fitzsimon File, delivers a radio commentary broadcast on WRAL-FM and hosts "News and Views," a weekly radio news magazine that airs on multiple stations across North Carolina.
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