Senate's proposed tax cut? $13.9 billion over 5 years
"Epic in size," one Senate Republican leader says.
Posted — UpdatedOr, depending on one's perspective – and usually political party – it would cost state government $13.9 billion in revenue needed for schools, salaries and other operations.
Sen. Ralph Hise, R-Mitchell, a member of the tax code-writing Senate Finance committee, readily acknowledged the proposed cut's massive size.
"Epic in size, but the philosophies are still the same," said Hise.
Democrats, including Gov. Roy Cooper, have criticized the plan, saying now is the time to make generational investments in the state and to raise salaries for teachers well above the 1.5 percent average Senate Republicans proposed.
Senate Minority Leader Dan Blue, also a Senate FinancecCommittee member, called the Republican tax plan "reckless" and said it would have "traumatic implications on the state’s ability to adequately fund our schools and build roads in the years to come.”
"I don’t take issue with tax cuts when they are targeted and used as a tool to help support our economy," Blue, D-Wake, said in an emailed statement. "I do take issue with this revised Senate tax plan, which gives the bulk of relief to the very people who don’t need it."
Hise said the budget proposal makes massive investments in addition to the tax cuts, putting $4.3 billion over two years into the State Capital Infrastructure Fund. That's more, he said, than any construction bond the state has ever approved.
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