RALEIGH – Vice-President Mike Pence, during his recent visit to Charlotte, by his own admission, implied that the number of workers who benefit from the bill amounts to one percent of North Carolina’s workforce.
According to the vice-president, “nearly 50,000 North Carolina workers have received a tax-cut bonus.” However, there are 4,755,400 workers in North Carolina, meaning that the Vice President’s big brag is one percent of North Carolina workers have benefited from the tax bill.
Meanwhile, two new analyses reveal who is really benefiting. We’ll give you a hint: it ain’t middle class North Carolina families:
Associated Press: Big banks saved $3.6B in taxes last quarter under new law
“An analysis by The Associated Press shows the nation’s six big Wall Street banks saved at least $3.59 billion in taxes last quarter, thanks to the recently enacted Trump tax law.”
Center for American Progress: New analysis shows that many Members of Congress [including NC Rep. Budd] cut their own taxes at their constituents’ expense
“A new analysis by the Center for American Progress Action Fund (CAPAF) reveals that many Members of Congress who promoted and voted for the tax bill stand to benefit substantially from the new pass-through tax break,” including NC Rep. Ted Budd, who stands to get up to $100,000 in tax breaks.
We knew Republicans’ rush tax bill overwhelmingly benefits corporations and the top 1% at the expense of hardworking Americans and middle-class families. The top 1% of North Carolina taxpayers are set to receive 26% of the tax cuts in 2019, and by 2027, low- and middle-income North Carolinians will face a tax hike of nearly $300. But now we see the true extent of their giveaways – billions to Wall Street banks and six-figure tax cuts to the very people who passed them.
“While Vice President Pence touts less than one percent of North Carolina workers benefiting from the GOP tax scam, two new analyses hammered home who really benefits – Wall Street banks and the very representatives who rushed it through Congress,” NCDP Executive Director Kimberly Reynolds said. “Congressman Budd stood with his party to pass a tax bill that gives him up to $100,000 in tax cuts through an 11th hour provision to sweeten the deal for the ultra-wealthy while leaving North Carolina families to pick up the tab.”
