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North Carolina’s Republican-controlled Senate has proposed a tax cut plan (SB 325) that would increase the state’s standard income tax deduction and reduce the individual tax rate from 5.499 percent to 5.35 percent, as well as reduce the corporate tax rate from 3 percent to 2.5 percent over two years. The measure sets up a three-way battle with Republicans who control the state’s House and Democratic Gov. Roy Cooper, both of whom have proposed more modest tax cut plans.
Cooper said the Senate’s plan gives too much to corporations and the rich.
“These tax giveaways to corporations and the wealthiest will punch a hole in the budget costing the state $336 million in the second year and almost $635 million four years out,” he said. “This is money that could instead go to middle class tax cuts and education.” (NEWS & OBSERVER [RALEIGH], LEXISNEXIS STATE NET)