RALEIGH, N.C. (AP) — Senate Republicans have rolled out a two-year tax plan they say would save the public $1 billion by cutting or eliminating taxes for nearly everyone.
Senate leader Phil Berger and GOP finance chiefs released their proposal Thursday.
The proposal would cut the personal income tax rate slightly and raise standard deductions — meaning less of a wage-earner’s income would be subject to income taxes. The corporate tax rate also would fall over two years from 3 percent to 2.5 percent.
Republicans said the individual income tax changes would disproportionately help lower-income people and those in rural areas.
Some House this week Republicans proposed a less generous plan that also includes raising standard deductions. Democratic Gov. Roy Cooper’s budget proposal would revive the child and dependent care tax credit.