Monday numbers

Monday numbers

5.0—percentage of overall state spending in the 2017-2018 budget passed by the General Assembly as a share of the state’s economy (“New Budget, Same Missed Opportunities for North Carolina,” N.C. Budget & Tax Center, July 2017)

4.9—percentage of overall state spending in the 2018-2019 budget passed by the General Assembly as a share of the state’s economy (Ibid)

6.0—-average annual state spending as a share of the economy over the last 45 years (Ibid)

528 million—amount in dollars of the cost of the tax cuts enacted in the two-year budget passed by the General Assembly this year (Ibid)

900 million—amount in dollars of the full cost of the tax cuts passed by the General Assembly this year when fully in place (Ibid)

3.5 billion—amount in dollars of lost revenue thanks to the combined tax changes made by the General Assembly since 2013 (Ibid)

16—amount in dollars of the total tax cut received since 2013 by the people in the lowest 20 percent of income earners in North Carolina, people who earn less than $20,000 a year (Ibid)

226—amount in dollars of the total tax cut received since 2013 by the people in the middle 20 percent of income earners in North Carolina, people who earn between $33,000 and $47,000 a year (Ibid)

22,000—amount in dollars of the total tax cut received since 2013 by the people in the top one percent of income earners in North Carolina, people who earn more than $492,000 a year (Ibid)

1 million—amount in dollars of the average income of the top one percent of income earners in North Carolina (Ibid)

1.2 billion—amount in dollars of the state budget shortfall projected for 2019-2020 by the nonpartisan legislative staff (“NC projections show future state revenue shortfall,” News & Observer, July 10. 2017)

1.4 billion— amount in dollars of the state budget shortfall projected for 2021-2022 by the nonpartisan legislative staff (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.
chris@ncpolicywatch.com
919-861-2066