Conservative reformers in the State Senate want to cut income tax rates and increase the standard deduction nearly 25% so the first $18,500 of a couple’s income is tax free.
And even the News and Observer had to admit conservatives are helping the middle class. “The majority of taxpayers across all income brackets would owe less if the Senate’s cuts become law. The legislative staff projections show 73 percent of taxpayers getting a cut averaging $215 a year.
Many of the taxpayers who’d owe more under the Senate plan have an adjusted gross income higher than $100,000 a year, estimates show. And for the 31.5 percent of million-dollar income filers who’d owe more, their additional liability would average $30,361 a year.
Meanwhile, more than 78 percent of filers with incomes between $10,000 and $100,000 would see a cut, according to legislative staff. The average cut would range from $90 for incomes between $10,000 and $20,000 to $289 for incomes between $80,000 and $100,000.”(7/12)
When even the News and Observer admits the Senate income tax plan helps the middle class, not the rich, Legislators take note. Voters will. Polls show 70% favor raising the standard deduction.