States Mull Income Tax Cut Freezes
Debates by lawmakers in North Carolina and Hawaii on whether to maintain planned income tax cuts highlight the risk for states that enact gradually phased-in cuts, Daniel Moore reports.
North Carolina implemented a phaseout of its corporate income tax by 2030 and revenue trigger-based reductions to its personal income tax rate. But congressional Republicans have since passed a federal tax law that will shift massive costs to the state.
Gov. Josh Stein (D) has blamed “tax giveaways” and “outdated, irresponsible tax triggers” for what could potentially be a $2.8 billion budget deficit ...