UPDATED: S75 is a Millionaires Protection Act
Making the Middle Class Tax Shift Permanent
S75 – The “Millionaires Protection Act” is meant to make Republican Politicians radical tax shift from those at the top to working families permanent
The “Millionaires Protection Act” would put a constitutional amendment on the ballot that locks in income tax rates that largely benefit the wealthy – over the last four years the average millionaire saved almost $15,000, while the average family saved only $6 (that’s SIX dollars) a year from the tax changes enacted by Republican politicians.
- While the income tax change may sound like a good deal, Raleigh politicians will look for other ways to raise taxes, and they’ll be left with sales taxes and fees that take a bigger bite out of the pockets of working families. What might seem saved in your paycheck you’ll more than pay back at the cash register.
- How do we know they’ll raise sales taxes and fees – because that’s what they’ve been doing! Since 2013, Republicans have enacted three tax hikes on working families through news sales and service taxes and fees meaning you pay more to send a kid to college, put gas in your car and get it repaired, and even to keep the lights on at your home.
In order to lock in these huge tax cuts for millionaires, Republican politicians will also be locking in current education funding that is lower per student than it was before the recession and causes North Carolina to be ranked 45th for teachers in the country.
- Our kids end up paying for millionaires tax cuts through higher class sizes, fewer textbooks and classroom supplies, and low teacher pay that has caused North Carolina teachers to leave class rooms in record numbers.
- We’re already seeing the real results of the new normal in our classrooms that Republican Politicians want to lock in with the “Millionaire’s Protection Act.” This amendment would tie the hands of future lawmakers, making meeting future education needs difficult.
The millionaires will threaten the state’s triple-A bond rating. Such a severe restriction will arbitrarily hamper the state’s ability to deal with an economic crisis. It will also make future projects to build schools or roads more expensive.
- Moody’s has already warned that Georgia, the only other state to adopt such a income tax amendment, endangered their financial outlooks by stripping policy makers of one of the strengths of state management.
- Kansas has already been downgraded by credit rating agencies after similar radical tax schemes that North Carolina Republicans want to make permanent.
Not surprisingly, the bill is being pushed by out-of-state activist groups with little care for the people of North Carolina. ALEC and Americans for Prosperity support N.C.’s amendment.