NC Senate's Tax-Cut Plan Gets Initial Approval By Chamber
The tax-cut package endorsed by North Carolina Senate Republicans has received initial approval with the support of some Democrats. Eight Democrats joined all Republicans in voting for the measure Wednesday. The bill would reduce the individual income tax rate, increase the standard and per-child deductions and phase out the corporate income tax by 2028. And there would be $1 billion in federal aid for businesses and nonprofits that struggled during the pandemic. Some Democrats opposing the measure say it would still help out-of-state corporations and the highest wage earners. One more affirmative Senate vote is needed before the bill goes to the House.