BTC BRIEF: The estimated impact of the Senate’s proposed tax modernization plan and recommendations for improvement
Monday, June 8th, 2009
By Elaine Mejia
The Senate Finance Committee’s proposed tax modernization plan would require an additional 0.3% of income ($32 average annually) from the lowest income earners, 0.1% of income ($32 average annually) from middle-income
taxpayers and 0.1% of income ($958 average annually) from the highest 1% of income-earners. A new report by the NC Budget & Tax Center concludes that the plan would improve stability and long-term revenue adequacy, but additional measures should be taken to improve fairness.
Click here for a copy of the report.
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