The News & Observer got its hands on an analysis by the the legislature's Fiscal Research Division, which shows that even though the plan will reduce revenues overall, it will nevertheless result in higher taxes for most NC households.
The majority of taxpayers likely would see a tax increase after the plan is fully implemented, according to early long-term projections from legislative fiscal researchers who analyzed the potential legislation – not a tax break as Senate Republican leaders suggested when announcing the plan this week.Enormous tax cuts for the wealthy few will be financed by higher taxes and slashed protections for the middle- and low-income majority.
A taxpayer with a federal adjusted gross income below $51,000 could pay an average $100 to $200 more in the 2017 tax year. Based on current tax brackets, 2.3 million taxpayers would fit that category, according to the analysis, while 1.8 million taxpayers could expect an average $300 to $3,000 tax cut that year.
Put simply, Sen. Phil Berger and the Republicans have simply stopped caring about who is hurt by their reactionary rampage through Raleigh.