Tax (cut) and spend?

Published 12:00 am Friday, October 3, 2014

513 million — amount in dollars of the original estimate of the cost of the 2013 tax plan in the 2014-2015 fiscal year (“2015 Budget Undermines North Carolina’s Competitiveness: It Is Unstainable, Inadequate, and Hampered by the Costly 2013 Tax Plan, N.C. Budget & Tax Center, September 2015)

704 million — amount in dollars of the revised estimate of the cost of the 2013 tax plan in the 2014-2015 fiscal year (Ibid)

1.1 billion — amount in dollars of the latest estimate of cost of the 2013 tax plan in the 2014-2015 fiscal year by the Institute on Taxation and Economic Policy (Ibid)

66—percentage of tax cut passed by the 2013 General Assembly that will go to the wealthiest one percent of North Carolinians (“Final tax plan pits at risk what makes North Carolina great,” N.C. Budget & Tax Center, August, 2013)

940,000—amount in dollars of annual income of wealthiest one percent of North Carolinians (Ibid)

0 — amount in dollars Gov. Pat McCrory said the tax 2013 tax changes should cost the state, insisting in his 2013 State of the State speech that tax reform be revenue neutral (“NC Gov. McCrory: NC tax reform must be revenue neutral,” the Progressive Pulse, June 13, 2013)

1.5 billion — amount in dollars that state spending in 2014-2015 budget remains below levels in 2007-2008 when adjusted for inflation (“2015 Budget Undermines North Carolina’s Competitiveness: It Is Unstainable, Inadequate, and Hampered by the Costly 2013 Tax Plan, N.C. Budget & Tax Center, September 2015)

7.7 billion — amount in dollars spent on K-12 public schools in the 2014-2015 budget (Ibid)

277 million — amount in dollars less the 2014-2015 spends on K-12 education than what is needed to maintain the same service levels in place for the 2012-13 school year (Ibid)

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