Senate Republicans unveil more tax cuts totaling $1 billion
RALEIGH (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.
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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.