$1.1B Tax Increase in NC Budget

There have been some reports that the tax increase contained in the NC budget was to be $990 million. Those reports appear to be premature.

According to the estimates in the budget bill released late last night, the tax increase is actually $1.08B. The new taxes will generate as follows:

Individual Income Surcharge – $172.8M

Corporate Income Surcharge – $23.1M

Sales Tax Increase – $803.5M

Digital products and click throughs – $11.8M

Tobacco, beer, wine, liquor – $68.8

Total $1.08 billion. Add in another $55 million or so in increased fees and it’s over $1.1 billion in new revenues for the government.

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