NC Senate Republicans propose more tax cuts

NC Senate Proposes $1B In Tax Cuts. North Carolina’s Republican-controlled Senate has proposed a tax cut plan 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.

Senate gives final OK to NC budget proposal. RALEIGH, N.C. – Senate Republicans gave initial approval to their budget proposal Thursday and prevailed over Democrats who favored new Gov. Roy Cooper.

Senate Republicans also pitched sweeping cuts to personal and corporate income tax rates as part of a plan they say would save businesses and individual taxpayers a combined $1 billion a year.

RALEIGH – Republicans in the North Carolina Senate proposed a state. in exchange for more corporate tax cuts,” Cooper spokesman Ford.

 · Cooper wanted more money in part to raise average teacher pay and invest in school-safety improvements beyond what Republicans propose. The chief pivot on the competing plans is taxes. The Republicans’ proposal retains income-tax cuts already set to take effect next January – reducing the corporate rate from 3 percent to 2.5 percent and the.

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The revised proposal "will effectively repeal Obamacare’s individual mandate tax so that we can provide even more. Republicans can use to help trim the deficit their tax cuts would cause in the.

NC lawmakers propose more income, corporate tax cuts. Under the Senate plan, North Carolina’s personal income tax rate would drop from 5.499 percent to 5.35 percent, and the amount of income on which residents pay no tax would expand. For a married couple filing jointly, that "zero bracket" would rise from $17,500 to $20,000.

“It would build new schools, provide more access to health care, and invest in local communities, instead of shorting schools for more corporate tax cuts. I hope that Republican leaders will.

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Neither house speaker tim moore nor Senate President Pro Tem Phil. Senate Republicans once again prioritize more corporate tax cuts at the. cuts to an eastern north carolina hospital and the GOP proposal to move the.

They filed a bill Thursday that they said amounts to $1 billion in additional tax cuts. The "Job Creation and Tax Relief Act of 2015" would lower personal income tax rates to 5.625 percent in.