North Carolina voters approve tax limits on income and property as cost of living tops voters’ worries
Source: Fortune ·
Opponents said a voter-approved constitutional amendment could result in limited tax relief for homeowners and big savings for corporations.
From the source
As housing prices increase nationwide and Americans increasingly voice their frustration with affordability, voters in North Carolina have approved a constitutional amendment that lowers the state’s income tax cap from 7% to 3.5%. The Associated Press called the race at 9:21 p.m. Tuesday, with 61% of votes in favor and 89% of votes counted, according to WBTV. The amendment bars the General Assembly from raising the income tax rate above 3.5% unless voters approve another constitutional change. North Carolina currently has a 3.99% flat income tax rate for all earners, and that rate is scheduled to fall in the coming years. The new ceiling replaces the 7% cap voters approved in 2018. The Republican-led General Assembly put the amendment on the ballot over objections from Democratic lawmakers. Republican state Sen. Michael V. Lee, who sponsored the legislation, argued earlier this year that the cap protects taxpayers from future increases and locks in more than a decade of tax cuts.…
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