The “Millionaire Protection Act” is an attempt to make the Republican leadership’s radical tax shift permanent to help those at the top to make working families pay more.
- Over the last four years the average millionaire saved almost $15,000 based on Republican tax reform, while many middle class families have actually seen their tax burden increase. This proposed constitutional amendment would lock in low spending and income tax rates that benefit the wealthy.
- Low income taxes may sound like a good deal, but Raleigh politicians will just stick you with the bill in other ways by raising sales taxes and fees which hurt working families more than millionaires. It might seem like savings in our paycheck, but we will pay more at the cash register.
- How do we know the politicians will raise sales taxes and fees? They’re already doing it! Through new sales and service taxes and fees, we are paying more to have a child, send kids to college, and put gas in our cars. We are even paying higher utility taxes, just so the rich can get a bigger tax cut.
The “Millionaire Protection Act” will lock in current education funding levels that already have us ranked near the bottom in per-student funding.
- North Carolina is ranked one of the worst states for teachers, and the Millionaire Protection Act will make it impossible to raise teacher pay to the national average. Experienced teachers will continue to leave for better pay in other states, and the Millionaire Protection Act will only make it worse.
- Ultimately, our kids end up paying for millionaire tax cuts through larger class sizes, and less funding for textbooks and classroom supplies.
- We’re already seeing the real effects of millionaire tax cuts in our classrooms. North Carolina ranks near the bottom for per-student education funding, and politicians want to lock that in forever with the Millionaire Protection Act.
Lower income taxes may sound like a good deal, but politicians will look for other ways to make up the lost revenue. By making these tax cuts permanent there will be no increase in funding for public schools. North Carolina will continue to lose quality teachers, and our kids will pay the price. Without this tax revenue, there will be no money for textbooks, supplies, or building repairs and expansion.
North Carolina must say NO to the Millionaire Protection Act.