Republicans pitch 3.5% income tax cap as an affordability fix in North Carolina—but Gov. Josh Stein says it won’t put ‘more money in anyone’s pockets’

Republican lawmakers in North Carolina have steadily reduced the state’s income taxes for more than a decade. On Tuesday, voters will decide whether to make it harder for future lawmakers to reverse those cuts as affordability emerges as one of the biggest issues of the midterms. North Carolina voters are considering a constitutional amendment that would lower the maximum allowable income tax rate from 7% to 3.5%. This would halve the ceiling for what the state government can charge individuals and corporations through income taxes.

Source: Fortune Crypto