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RALEIGH, N.C. (WNCN) — A new bill at the General Assembly would ask the wealthiest North Carolinians to pay more in taxes to help fund public schools, arguing years of tax cuts have left classrooms underfunded and teachers underpaid.
The Fair Share for Public Schools Act (HB 1073) would create a 7% tax on income above $1 million, with the revenue going directly to the state’s Public School Fund.
“It’s only going to impact 0.59% of North Carolinians in the state,” said State Rep. Lindsey Prather (D-Buncombe)
“It’s time for wealthy North Carolinians to step up. Asking them to contribute more is not extreme. It’s fair. It’s what it takes to build the state that we want, a state that works for everyone,” said Alex Sirota, executive director of NC Budget and Tax Center.
Sirota said the bill would level the playing field, after years of underinvestment in schools and large tax breaks for the rich.
“This is not about penalizing success,” she said. “It’s about recognizing that strong economies are built with progressive tax systems, where contributions are aligned with ability to pay and where those resources are invested in the conditions that allow everyone to succeed. It’s important to be clear that even with this policy in place, the wealthiest households still come out ahead, retaining 45% of the tax cuts that they’ve had since 2013.”
Monica Lavery, a North Carolina resident and member of the Patriotic Millionaires, a group of wealthy Americans who support higher taxes on top earners, said she supports paying more in taxes if it means strengthening public schools.
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“Paying my fair share is a civic duty, one that would have a positive, rippling impact across the state,” Lavery said. “There’s no justifiable reason why a millionaire like me should get a tax break that I neither need nor really deserve over my neighbors who work two or three jobs to put food on the table and gas in their trucks.”
According to the North Carolina Association of Educators, North Carolina ranks 50th in the nation in per-pupil spending and 46th in teacher pay.
“Teacher salaries are some of the lowest in the country. There have already been multiple tax packages that have already benefited the rich in North Carolina,” said Deirdre Couri, who is new to the area.
Republicans have long defended the state’s tax cuts, arguing lower taxes help attract businesses, create jobs and grow North Carolina’s economy. GOP leaders frequently point to North Carolina’s ranking as the top state in the country for business as evidence the policies are working.
CBS 17 has reached out to House Speaker Destin Hall’s office and the John Locke Foundation for comment on the legislation.
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