Displaying items by tag: income

"Working class Bronx native" served U.S. Rep. Alexandria Ocasio-Cortez (D-NY) well as "elect me" schtick in 2018.

The income of the median American household fell by nearly 3% last year as the COVID-19 pandemic and subsequent regulations shuttered many businesses for months, closed others for good, and forced still other employers to cut back on hours and wages for the people they still employed.

It's a tantalizing headline from investigative journalism group ProPublica: "The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax."

RALEIGH — The North Carolina Senate passed a Republican-led tax reform package Wednesday evening in a quick, 36-14 vote that drew eight Democrats to cross the aisle and vote in favor of the bill. House Bill 334 would raise the standard deduction from $21,500 to $25,500 for joint filers, which would take about a quarter of a million of the lowest-income North Carolinians entirely off the tax rolls. It also reduces North Carolina’s flat income tax rate for remaining taxpayers from 5.25% to 4.99%.

So far this decade, North Carolina’s economy — as measured by inflation-adjusted gross domestic product — has expanded by an average of 1.7 percent a year. That’s a bit faster than the Southeastern average but slower than the national one.