Opinion Columns & Blogs

Tax cuts also costly in North Carolina

Like Kansans, North Carolina residents were promised by GOP lawmakers that cutting state income taxes would cause their economy to grow, which would bring in more tax revenue. But as happened here, North Carolina’s tax plan has not worked out as promised. A new analysis estimates that North Carolina’s tax cut is costing the state $205 million, or 43 percent, more than expected this tax year and is projected to cost $200 million more next year. Over five years, the tax cuts are expected to cost about $900 million more than originally projected. – Phillip Brownlee