Monday numbers

Monday numbers

numbers221-4003—numbers of days since the Senate Rules Committee approved legislation that included a constitutional amendment capping the state personal and corporate income tax rates at 5.5 percent and requiring lawmakers to deposit two percent of the budget into an emergency reserve every year until the fund reaches 12.5 percent of the overall budget (“Senate proposes three constitutional amendments, WRAL-TV, June 24, 2016)

7—number of months until the state income tax is reduced to a flat rate of 5.499 percent (“Radical Tax Cap Would Put North Carolina in a Permanent Bind, N.C. Budget & Tax Center, and June 2016)

1.8 billion—amount in dollars that the changes in the state personal income tax since 2013 have reduced state revenue (Ibid)

14,977—amount in dollars the wealthiest one percent of taxpayers in North Carolina have received from the tax cuts passed since 2013 (Ibid)

957,000—amount in dollars of the average annual income of top one percent of taxpayers in North Carolina (“A Capital Loss: Eliminating taxes on capital gains would make North Carolina’s tax system more unfair and make the state’s revenue challenge worse,” N.C. Budget & Tax Center, January 2015)

6—amount in dollars the middle twenty percent of taxpayers in North Carolina have received from the tax cuts passed since 2013 (“Radical Tax Cap Would Put North Carolina in a Permanent Bind, N.C. Budget & Tax Center, June 2016)

30—amount in dollars of the tax increase for the lowest 20 percent of taxpayers from the income tax changes passed since 2013 (Ibid)

3—number of states including North Carolina that have maintained a AAA for more than 50 years (Ibid)

13—number of days since State Treasurer Janet Cowell told state lawmakers that the constitutional amendment capping corporate and personal income tax rates at 5.5 percent would jeopardize the state’s AAA bond rating (“NC Senate considers 5.5 percent income tax limit in constitution, News & Observer, June 14, 2016)

1.4 billion—amount in dollars in state savings account if the budget passed by the House was adopted (House Bill 1030, House Appropriations Committee Report)

2.778 billion—amount in dollars that the constitutional amendment would require lawmakers to maintain in state savings account (“Senate proposes three constitutional amendments, WRAL-TV, June 24, 2016)

445 million—minimum amount in dollars that constitutional amendment would require lawmakers to put in state savings account every year until it reached $2.778 billion, even if the state experienced a recession and revenues declined (Ibid)