Factsheet: When corporations and the wealthy don’t pay what they owe, you’ll pay the price!

North Carolina’s tax code is UPSIDE-DOWN.

People with incomes in the bottom 20% (<$25,000 annually) pay the greatest share of their income in state and local taxes — more than 10 percent. Meanwhile, the richest 1% (>$870,000 annually) pay the lowest share of their income in state and local taxes just $6 out of every $100 dollars they have.

State legislators set income tax policy and can choose to end income inequality. Instead, state legislators are continuing to fuel it by…

• Bringing the personal income tax rate to the lowest in the country by 2036
• Eliminating corporate income tax on profits after 2030

If scheduled income tax cuts move forward, our financial future is at risk.

• North Carolina families with incomes in the bottom 20% would pay a state and local tax rate that is 134 percent higher than the richest 1% of households.
• Funding for public schools, public health, transportation, and many other resources and investments that our communities rely on would be cut.

Costs won’t disappear. They will GROW!

Let’s come together to make sure corporations and the wealthy pay what they truly owe!