On January 1st, wealthy individuals and big corporations in North Carolina got yet another break on their taxes, continuing a shift in the tax load to privilege the select few that leaders in the legislature have been pushing since 2013. Sadly, this change will continue a process of ignoring the public good and the need for investment to support a growing state.
...Alexandra Forter Sirota
Alexandra Forter Sirota's articles and posts
The damage to communities and the lives of thousands of people in eastern North Carolina from Hurricane Florence is clear. The recovery process presents tremendous opportunities for North Carolina to rebuild with an eye towards a future where communities are resilient, local economies are inclusive and institutions—public and private—are committed to serving the community.
...In our economy there are two kinds of people: people who work for money and people whose money works for them. For years, North Carolinians have been told that when rich people and big companies get a tax cut we all benefit. For even longer, our country’s leaders have prioritized policies that give tax breaks to the rich and corporations with the same promises.
...While we await the estimates of the full economic impact of Hurricane Florence – a number likely to total in the billions of dollars and to exceed damage inflicted by Hurricane Matthew just two years ago – it is clear that the storm’s effects are causing great harm to families and communities.
...Big corporations and wealthy executives have been on quite a run. Corporate profits are at historic levels, stock prices are through the roof, and plush executive pay has become the norm. At the same time, corporate taxes have been slashed both here in North Carolina starting in 2013 and last December at the federal level.
...Congress has just a few days left this month to enact legislation that would address the immigration status of at least 1 million immigrants who arrived in this country as children after President Trump announced in September his plans to end the Deferred Action for Childhood Arrival (DACA) program. Failure to act will mean that beginning on March 6, 2018, 915 people on average will fall out of DACA status each day.
...President Trump and Congressional Republicans aim to rebrand enormous tax cuts for the wealthiest households and corporations as a boon to everyday Americans – but North Carolinians, in particular, should recognize this canard. We have heard it before in defense of state-level tax changes that have yet to pan out and that each day cause us to miss opportunities to boost our communities’ well-being.
...With the effort to repeal the Affordable Care Act now on hold for the time being, Congress is turning its attention to other matters that have the potential to have significant impacts on North Carolina. The following essays from N.C. Budget and Tax Center experts Luis Toledo and Alexandra Sirota examine two that rank high on the list -- re-authorization of the Children's Health Insurance Program and President Trump's proposed tax cut plan.
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