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Budget & Spending

Tax Cuts Are Already Working for North Carolina

3 minute read

This week was the deadline for working families in Charlotte and across America to file their taxes. Now for the good news: Next year, because of the leadership of President Trump and North Carolina’s Republicans in Congress, tax day will be a very different and far less painful experience.

This year is the last time you’ll ever pay taxes under the complicated old system. Next year, you’ll see the full effects of the tax reform law that President Trump signed just over four months ago – which included historic tax cuts and tax reform.

Our tax cuts are exactly what North Carolina’s families need. For instance, the first $24,000 in income for a married couple is now tax free – nearly double what it was before. The child tax credit is also now twice as big, rising from $1,000 to $2,000 per child.

These reforms, combined with others in the new law, will give the average North Carolina family of four a tax cut of more than $2,000. All told, 90 percent of American workers will see a tax cut reflected in their paycheck before this year is out.

And you can say goodbye to the days of complicated, time-consuming forms. Next year, millions of Americans will be able to file their taxes on a simple, single sheet of paper.

We also eliminated the unfair individual mandate tax at the heart of Obamacare, so North Carolinians will no longer be forced to buy government-mandated health insurance you don’t want and can’t afford.

We cut taxes for businesses large and small, so they can compete and win with companies anywhere in the world. And as North Carolinians are already learning, a tax cut for business is a pay raise for workers.

American companies now have unprecedented opportunities to invest in their employees and in communities like Charlotte. That’s exactly what they’re doing.

All told, in just the past four months, nearly 50,000 North Carolina workers have received a tax-cut bonus, while thousands more have received raises or better benefits.

Charlotte’s own Bank of America has given bonuses to many of its North Carolina workers. American Airlines, with a major hub in Charlotte, gave bonuses to more than 11,000 employees in the Tar Heel State. Local manufacturer Charlotte Pipe and Foundry has also given bonuses to more than 1,400 workers. And the list goes on.

As more and more businesses respond to our tax cuts, our administration estimates that working families across the nation will see a pay raise of $4,000 in the years ahead – and that’s on top of the tax cuts they’re already seeing.

The evidence is clear: our tax cuts are working for North Carolina. And so is the rest of our agenda.

In addition to letting hardworking Americans keep more of what they earn, working with North Carolina’s Republicans in Congress, President Trump has signed more laws rolling back federal red tape than any president in American history. We’ve also been unleashing our nation’s boundless natural resources that power North Carolina’s families, farms and factories. And our President has taken decisive action to ensure that America’s trade agreements are free, fair and reciprocal and put American workers first.

Be assured: We’re going to keep delivering for North Carolina. You can take that promise to the bank – and come tax day next year, you can cash it.

This op-ed appeared in the Charlotte Observer on April 19, 2018.