N&O – Tax Plan

Budget deal raises income tax

Increases of 2%, 3% for wealthiest

BY MARK JOHNSON – STAFF WRITER

RALEIGH — Legislative leaders on Thursday moved within reach of a deal on a tardy state budget, partly by increasing the income tax for North Carolina’s highest-paid residents.

The plan, however, still lacks Gov. Beverly Perdue’s approval and faces a handful of potential defections among House Democrats.

Legislative leaders hope to vote on the full budget next week. That would be more than a month after the new fiscal year began July 1.

Democratic leaders in the House and Senate settled on a plan that would tack a 3 percent surcharge on the income tax liability of North Carolinians who report income of more than $250,000 a year. Taxpayers who report between $100,000 and $250,000 would get hit with a 2 percent surcharge. Those levels are based on the taxable income of married couples filing jointly

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