Senate Bill 817 would permanently freeze the state’s personal income tax rate at 5.5 percent at a high cost to North Carolina’s communities. With the rate already set to fall to 5.499 percent on January 1, 2017, the cap would cut off a vital source of revenue.
This TABOR provision is similar to what has been tried, and has miserably failed, in other states. We don't need to try more failed economic policies here at home.
We, the undersigned, urge North Carolina leaders to reject constitutional changes or TABOR-like legislation that would put in place arbitrary formulas and ineffective restrictions on spending and tax decisions. These policies are proven failures and will undercut NC's ability to invest in the schools, universities, health care and other public services that support a strong economy.