{"id":49,"date":"2026-05-11T23:04:27","date_gmt":"2026-05-11T23:04:27","guid":{"rendered":"https:\/\/raleighmovingnews.com\/?p=49"},"modified":"2026-05-11T23:04:27","modified_gmt":"2026-05-11T23:04:27","slug":"proposal-would-tax-millionaires-to-fund-nc-public-schools","status":"publish","type":"post","link":"https:\/\/raleighmovingnews.com\/?p=49","title":{"rendered":"Proposal would tax millionaires to fund NC public schools"},"content":{"rendered":"
\n

RALEIGH, N.C. (WNCN) \u2014 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\u00a0underpaid.<\/p>\n

Read more \u2018It\u2019s not just negativity in here\u2019: Behind the pages of one of America\u2019s longest-running inmate publications<\/a><\/p>\n

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\u2019s Public School Fund.<\/p>\n

\u201cIt\u2019s only going to impact 0.59% of North Carolinians in the state,\u201d said State Rep. Lindsey Prather (D-Buncombe)<\/p>\n

\u201cIt\u2019s time for wealthy North Carolinians to step up. Asking them to contribute more is not extreme. It\u2019s fair. It\u2019s what it takes to build the state that we want, a state that works for everyone,\u201d said Alex Sirota, executive director of NC Budget and Tax Center.<\/p>\n

Sirota said the bill would level the playing field, after years of underinvestment in schools and large tax breaks for the rich.<\/p>\n

\u201cThis is not about penalizing success,\u201d she said. \u201cIt\u2019s 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\u2019s 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\u2019ve had since 2013.\u201d<\/p>\n

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.<\/p>\n

Read more Canvas access fully restored in Wake County after hacking, potential data leak<\/a><\/p>\n

\u201cPaying my fair share is a civic duty, one that would have a positive, rippling impact across the state,\u201d Lavery said. \u201cThere\u2019s 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.\u201d<\/p>\n

According to the North Carolina Association of Educators, North Carolina ranks 50th in the nation in per-pupil spending and 46th in teacher pay.<\/p>\n

\u201cTeacher 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,\u201d said Deirdre Couri, who is new to the area.<\/p>\n

Republicans have long defended the state\u2019s tax cuts, arguing lower taxes help attract businesses, create jobs and grow North Carolina\u2019s economy. GOP leaders frequently point to North Carolina\u2019s ranking as the top state in the country for business as evidence the policies are working.<\/p>\n

CBS 17 has reached out to House Speaker Destin Hall\u2019s office and the John Locke Foundation for comment on the legislation.<\/p>\n

Read more NC resident among those evacuated from hantavirus-infected cruise, state health officials say<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

RALEIGH, N.C. (WNCN) \u2014 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. 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(WNCN) \u2014 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. 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