Today, Republican Senate Finance Committee Chairs Paul Newton, Warren Daniel, and Bill Rabon held a press conference on their new sweeping tax-cut proposal. Here are the details:
- The proposal offers additional assistance to help families and small businesses recover from the economic shutdown during the COVID-19 pandemic.
- The measure would result in a 21% income tax cut for a family of four earning the median household income.
- The GOP-led legislature brought North Carolina's corporate income tax from one of the highest in the nation to the lowest in the nation, and this plan furthers that progress to create more jobs.
- The proposal aims to combat the Democrats' unemployment subsidy incentives with "the best unemployment benefit possible: a job."
- Republicans continue their decade-long practice of increasing funding on essential priorities, like education, while cutting taxes.
- Senator Paul Newton issued the following statements:
- "Tax money is not government money, it belongs to the people of North Carolina who earned it, and it should go back to the people and be used for the people."
- "NC has had budget surpluses six of the last seven years. We have billions of dollars in unreserved cash. The Republican philosophy when government collects more money than it needs is to give it back through tax relief, and that's what we're doing here."