NC Senate proposed tax cuts primarily go to richest 20 percent in North Carolina

Share of total annual tax cut by income group from personal income tax rate cut proposed in the N.C. Senate Budget.

The Senate proposed tax cuts would send two thirds of the total pie to the richest 20 percent. The bottom 80 percent would received just one third of the total net tax cut.

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The Senate Budget proposes reducing the personal income tax rate to 2.49 percent by 2029. The chart shows the change from a 4.75 percent rate (the rate in 2023) to 2.49 percent.

Chart: NC Budget & Tax Center Source: Special Data Request to Institute on Taxation and Economic Policy, Received May 19, 2023. Get the data Embed