[Editor’s note: The following open letter from business owners, investors, and other wealthy North Carolinians expresses deep concern regarding the proposed constitutional amendment on the fall ballot that would permanently cap the state income tax at 7%.]
Forty North Carolinians in the top 5% sign on letter to oppose tax rate cap amendment
The group of signers express deep concern over the proposed income tax rate cap amendment currently on the ballot that would financially benefit the wealthy.
We are high net worth North Carolinians — business owners, investors, and other wealthy individuals in the top 5% of income and/or wealth in the state. We are writing to express our deep concern regarding the impact of the proposed tax cap amendment on the future of our great state. We believe this tax cap would 1) hamstring the State’s ability to navigate future economic crises and natural disasters effectively, 2) deepen economic inequality in our state, and 3) limit the state’s ability to invest in the future and create a strong business climate.