- NC Policy Watch - https://www.ncpolicywatch.com -

Monday numbers

numbers7-400w [1]

520 million—amount in dollars of the loss in state revenue from proposed elimination of the state capital gains tax (“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)

90—percentage of North Carolina taxpayers with Adjusted Gross Income of less than $100,000 (Ibid)

8—percentage of all net capital gains income received by bottom 90 percent of North Carolina taxpayers (Ibid)

0.2—percentage of North Carolina taxpayers with Adjusted Gross Income of more than $1 million (Ibid)

59.9—percentage all net capital gains income received by top 0.2 percent of North Carolina taxpayers (Ibid)

513 million—amount in dollars of the originally projected cost of the 2013 tax cuts in the 2014-2015 fiscal year (Ibid)

704 million—amount in dollars of the projected cost of the 2013 tax cuts in the 2014-2015 fiscal year as revised in May of 2014 (Ibid)

894 million—amount in dollars of the projected cost of the 2013 tax cuts in the 2014-2015 fiscal year as revised in December of 2014 (Ibid)

1.1 billion—amount in dollars of the projected cost of the 2013 tax cuts in the 2014-2015 fiscal year according to estimates by the Institute on Taxation and Economic Policy (Ibid)

1.620 billion—amount in dollars of the projected cost of the 2013 tax cuts and elimination of the capital gains tax in the 2014-2015 fiscal year (Ibid)

1.04 billion—amount in dollars of the 2014-2015 budget of state community college system (The Joint Conference Committee Report on the Continuation, Expansion and Capital Budgets, for Senate Bill 744, 7/30/2014. [2])

66—percentage of tax cut passed by the 2013 General Assembly that will go to the wealthiest one percent of North Carolinians (“Final tax plan pits at risk what makes North Carolina great,” N.C. Budget & Tax Center, August, 2013

67—percentage of benefit of eliminating capital gains tax that would floor to the top one percent of North Carolina taxpayers (“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)

957,000—amount in dollars of the average income of top one percent of taxpayers in North Carolina (Ibid)