North Carolina voters approve tax limits on income and property as cost of living tops voters’ worries

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.

Source: Fortune Crypto