Cost of Art Pope's tax cut balloons to $690M

Earlier estimates put the cost of the NC GOP's tax giveaways to millionaires at nearly half a billion dollars.

Turns out those estimates were low -- we're now pushing three-quarters of a billion dollars in revenue shortfall because the NC GOP puts Art Pope's tax cut above every other policy objective.

New figures from legislative analysts confirm the 2013 cut to individual income tax rates is costing the state far more than originally projected.
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According to a memo Thursday from legislative analyst Brian Slivka and chief economist Barry Boardman, the updated cost of the tax cut is $690 million for the current tax year.

That's $205 million, or 43 percent, higher than the original projection of $475 million.

That's for this year. And like the Energizer bunny, the NC GOP's fiscal irresponsibility just keeps going and going.

The cost for the 2015 tax year is also projected to be $200 million higher than original estimates – $890 million rather than $690 million. Additional tax cuts are set to take effect Jan. 1.

This is gross negligence of their fiduciary duty when teachers and state employees are underpaid, hard-working citizens go without affordable healthcare and there's talk of throwing kids, the elderly and disable people out on the street.

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About those jobs

The wing nut loons predicted that their tax cuts would result in major economic growth that would pay for the tax cuts and then some.

Republican leaders said last summer that lowering taxes would cause the economy to grow, helping more people find work and bringing in more revenue. They expressed confidence that the cost to the state would be actually be lower than initial projections.

How's that working out?

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"I will have a priority on building relationships with the minority caucus. I want to put substance behind those campaign speeches." -- Thom Tillis, Nov. 5, 2014