Income Tax Cap Amendment -

Summary

A "yes" vote lowers the maximum income tax rate from 10% to 7%

A "no" vote maintains the current maximum income tax rate of 10%.

Arguments

According to Alexandra Forter Sirota, director of the North Carolina Budget and Tax Center, if passed, this measure will lock in what is essentially a giveaway to millionaires and likely shift the state’s reliance to the sales tax, which would disproportionately hurt low-income families, while also putting more pressure on local governments to raise property taxes., in opposition to Income Tax Cap Amendment (Learn more)

According to Bloomberg News, a lower income tax rate will make North Carolina more attractive to businesses and people considering relocating to the state., in support of Income Tax Cap Amendment (Learn more)

According to Americans For Prosperity, lowering the income tax rate will encourage job creation, job growth, and solidify North Carolina’s current economic gains., in support of Income Tax Cap Amendment (Learn more)

According to Americans for Prosperity, measure will force the state to spend less because it will not be able to easily increase taxes to make up revenue. , in support of Income Tax Cap Amendment (Learn more)

According to the North Carolina Justice Center, lowering the income tax rate will threaten the state’s credit and bond ratings and result in increased sales and property taxes. They also argue that lower income tax rates will limit the government’s ability to pay for public schools and other social programs., in opposition to Income Tax Cap Amendment (Learn more)

According to the North Carolina Justice Center, lower income tax rates will limit the government’s ability to pay for public schools and other social programs as it will not be able to collect enough money through taxation., in opposition to Income Tax Cap Amendment (Learn more)

Measure Details