CAP THE STATE INCOME TAX RATE AT 7%
WHAT IT SAYS
FOR or AGAINST: “Constitutional amendment to reduce the income tax rate in North Carolina to a maximum allowable rate of seven percent (7%).”
WHAT WILL IT DO?
This replaces the Constitution’s current cap of 10 percent. The current constitutional cap on state income tax is 10%, where it’s been since 1936, and the state corporate tax rate is 3%. The current tax rate is 7%.
This amendment can shift tax burden to local counties, potentially increasing sales and property taxes which would hurt working families.