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What’s Going On in Other States?
• Deep Recession and Slow Recovery
• Many States Enacting Substantial Tax Cuts (ex: Kansas and North Carolina)
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Kansas 2013 Tax Changes
• Cut Personal & Corporate Income Taxes
• Raised the Sales Tax
• Cut Tax Credits for Low-Income Families
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Kansas Raised Taxes for Lower-Income Families and Cut Them the Most for the Richest
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Tax Revenues Are Down in Kansas, Rising in Most States
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Kansas Added Jobs More Slowly Than the U.S. as a Whole Since the Tax Cuts Took Effect
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North Carolina 2013 Tax Changes
• Cut Personal & Corporate Income Taxes
• Expanded the Sales Tax
• Capped the Gas Tax
• First State to Eliminate its EITC
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North Carolina Raised Taxes for Lower-Income Families and Cut Them the Most for the Richest
Lowest 20%
$12,000
Second 20%
$25,000
Middle 20% $41,000
Fourth 20%
$67,000
Next 15%
$113,000
Next 4%
$236,000
Top 1%
$940,000
0.2% 0.2% 0.2%0.1%
-0.1%
-0.4%
-1.1%
Impact of North Carolina’s 2013 tax changes, as a share of income
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North Carolina Tax Revenues Projected to Fall by $650 million Upon Full Implementation
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Tax Cuts Have Consequences
• Substantial Cuts to K-12 Education
• Cuts to 2- and 4-year Public Colleges
• Reduced Access to Health Care
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Wages for Low-Paid Workers Same as 40 Years Ago
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Poverty Remains High
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What Can States Do?
• Make Investments in Health, Education, and Fighting Poverty
• Boost the Minimum Wage
• Earned Income Tax Credit
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Earned Income Tax Credit
• Currently in Place in Twenty-Five States
• Helps Families Make Ends Meet
• Encourages and Rewards Work
• Actively Fights Poverty
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OPEN & ACCOUNTABLE BUDGETS
• Every state budget should have:
A Map for the Future
Professional & Credible Estimates
Ways to Stay on Course
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Mississippi Fails to Plan Ahead
• No Multi-Year Revenue/Spending Forecasts
• Sporadic and Low-Quality Fiscal Notes
• No Estimates for Continuing Current Levels of Services