Monday numbers

Monday numbers

FF-leg_numbers5—number of days since Senate President Pro Tem Phil Berger said he supported cutting taxes again in 2016 by raising the standard deduction which would reduce income taxes paid by all tax filers who don’t itemize, not just low-income taxpayers (“NC lawmakers plan higher standard deduction to cut income tax,” News & Observer, April 23, 2016)

205 million—amount in dollars of the cost in tax year 2017 of raising the standard deduction by $2,000 (“Better tax policy tool available to address state’s upside-down tax system, ”Progressive Pulse, February 10, 2016)

3—number of years since North Carolina allowed its state Earned Income Tax Credit that helps low-wage workers to end in 2013 (“States Can Adopt or Expand Earned Income Tax Credits to Build a Stronger Future Economy,” Center on Budget and Policy Priorities, January 19, 2016)

100 million—amount in dollars of restoring the state Earned Income Tax Credit at five percent of the federal amount (“Better tax policy tool available to address state’s upside-down tax system, ”Progressive Pulse, February 10, 2016)

0—number of other states with a state EITC that have allowed it to expire in the last 30 years (“BTC BRIEF: First in Flight from the EITC – Low-Income Working Families Bid Farewell to NC’s Earned Income Tax Credit, N.C. Budget & Tax Center, March 2014)

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 experienced 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 EITCLow-Income Working Families Bid Farewell to North Carolina’s Earned Income Tax Credit, N.C. Budget & Tax Center, March 2014)

27—number of states and the District of Columbia that currently have their own state version of the federal Earned Income Tax Credit that helps low-wage workers (“States Can Adopt or Expand Earned Income Tax Credits to Build a Stronger Future Economy,” Center on Budget and Policy Priorities, January 19, 2016)

4—number of states that have enacted state EITCs since 2013 (Ibid)

12—number of states and the District of Columbia that expanded their EITC since 2013 to help more low-income families (Ibid)

30—number of years since President Ronald Reagan called the EITC “the best anti-poverty, the best pro-family, the best job creation measure to come out of Congress” (“Earned Income Tax Credit,” Center on Budget and Policy Priorities)

55—number of days since North Carolinians began paying sales tax on car repairs, clothing alterations, watch repairs, shoe resoling, appliance installation, computer upgrades, and other services thanks to the budget passed by the General Assembly in 2015 (N.C. Department of Revenue)

15—amount in dollars of the increase in a $200 car repair bill thanks to the sales tax increase passed by the 2015 General Assembly (Sales tax on auto repairs, dozens of other services starts Tuesday Sales tax on auto repairs, dozens of other services starts Tuesday, News & Observer, February 27, 2016)

30—percentage increase in most car license, title and registration fees in 2016 thanks to the budget passed by the 2015 General Assembly (“Legislature revs up tax on car repair, other services,” Asheville Citizen-Times, September 26, 2015)

1,815—amount in dollars of the tax cut received by the wealthiest one percent of taxpayers in North Carolina in the budget passed by the General Assembly in 2015 (“Five Findings: Tax-cut plan will harm North Carolina’s Competitive Position,” Progressive Pulse, September 16, 2015)

1 million—amount in dollars of the average annual income of the wealthiest one percent of taxpayers (Ibid)

44—amount in dollars of the annual tax cut in the 2015 budget for the middle 20 percent of taxpayers, with incomes of $34,000 to $57,000 (Ibid)

7—amount in dollars of the tax increase in the 2015 budget for the bottom 20 percent of taxpayers, with incomes of less than $20,000 (Ibid)