General Assembly Aims To Cap Income Taxes At 5.5 Percent

General Assembly Aims To Cap Income Taxes At 5.5 Percent

4:17pm Jun 13, 2018
(AP Photo/Ted Shaffrey, File)

Leaders in the General Assembly have introduced a measure that would limit legislators’ ability to raise income taxes. It’s the second constitutional amendment filed this session.

The bill in question would enshrine a cap to personal income taxes in the state’s highest law for everyone at 5.5 percent.

The current statewide threshold is ten percent, although residents pay less.

While it has a long path to becoming part of the North Carolina constitution, the measure cleared a major hurdle this week as it received a favorable recommendation from the House Finance Committee.

If the bill passes in the full legislature, voters in November will cast ballots to decide whether or not it becomes law.

Earlier this session, lawmakers introduced another constitutional amendment that would reinstate voter ID at the polls.

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