Monday numbers

Monday numbers

FF-leg_numbers

15,500—amount in dollars of the average total state tax cut for the top one percent of taxpayers in North Carolina since 2013 (“The Road to Nowhere Good for North Carolina :Latest Tax Changes That Aim for Zero Income Tax Continue to Benefit the Wealthy at the Expense of Working North Carolinians and Communities, N.C. Budget & Tax Center, August 2016)

1,000,000—amount in dollars of the average annual income of the top one percent of taxpayers in North Carolina (Ibid)

167—amount in dollars of the average total state tax cut for middle income taxpayers in North Carolina since 2013 (Ibid)

44,000—amount in dollars of the average annual income of middle income taxpayers in North Carolina (Ibid)

0.01—percentage of tax cut for the top one percent of taxpayers that the middle income taxpayer received (Ibid)

10—amount in dollars of the total state tax increase for the bottom 20 percent of taxpayers since 2013 (Ibid)

12,000—amount in dollars of the average annual income of the bottom 20 percent of taxpayers in North Carolina (Ibid)

1.436 billion—amount in dollars of the annual state revenue lost in 2016-2017 thanks to the tax reductions since 2013 (Ibid)

2.04 billion—amount in dollars of the annual state revenue that will be lost in 2019-2020 thanks to tax cuts since 2013 (Ibid)

1.095 billion—amount in dollars of the total 2016-2017 budget for the community college system (Ibid)

2,000—amount in dollars of the increase in the standard deduction enacted for 2017 for married couples filing jointly (Ibid)

80—percentage of North Carolina taxpayers who take the standard deduction (Ibid)

28—percentage of tax cut from reduction in the standard deduction that goes to those earning less than $34,000 a year (Ibid)

87—percentage of a refundable state Earned Income Tax Credit that would go to taxpayers earning less than $34,000 a year (Ibid)

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)

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)