1.5 Million Working North Carolinians Exempt from Income Tax by 2019
The state Department of Revenue projects 1.5 million working North Carolinians will not owe any state income tax on their earnings by 2019, mostly middle to low-income earners filing 30% of all returns.
The Department of Revenue's data applies the effect of Republican tax relief to previous returns and considers the impact of the child tax credit converting to a deduction in 2018.
"Working people deserve to feel more secure in their family's finances, so we ensured maximum tax relief for North Carolinians who need it most," said House Speaker Tim Moore (R-Cleveland).
The state's tax agency projects that 354,326 working adults will be removed from the tax rolls by 2019 thanks to Republican tax relief, a 23% increase in North Carolinians whose earnings are exempt from state income tax.
In addition to lowering income taxes for working North Carolinians, the Republican-led state General Assembly reduced the state sales tax rate and cut the corporate tax rate to the lowest in the country.
The state General Assembly also repaid billions of dollars in debt, saved a record $1.8 billion rainy day reserve and delivered four consecutive teacher raises since 2014.
North Carolina's unemployment rate has fallen below the national average.