Congratulation, the Republican legislature just gave everyone in N.C. a tax cut. Well, maybe not, just those whose income is over $84,000. If your income is over $400,000, your tax cut maybe as much as $10,000. More great news if you are a major corporation, you tax rate was cut substantially. Of course, if you are a small business, you probably will see your overall tax bill go up.
In fact, two out of every three dollars in tax cuts dollars will go to the top one percent of North Carolina wealthiest citizens. But, 80 percent of North Carolina citizens will pay more in all kinds of taxes under this new Republican budget.