According to preliminary analysis by the NC Budget and Tax Center (via Mr. Schofield) the new Republican majority in the NC Senate proposes to reduce taxes by this formula:
...the average annual income tax cut for people in the bottom quintile (i.e. the lowest 20% of incomes) will be $5....
Middle income folks will see a cut of a whopping $46 – enough to buy most of a tank of gas.
And the wealthiest 1% of North Carolinians? Well, not that they’ll probably notice it either, but the Senate income tax cuts alone will provide them with a cool $1,830 per year — enough to buy some of the lower priced jewelry at Newt and Callista Gingrich’s favorite store.
Mr. Soucek can take his HUGE FAKE PAIN about cutting education spending and try to peddle that bilge elsewhere.