Raleigh, NC -- Senate Republicans say their proposal to overhaul North Carolina's tax code by reducing income tax rates and expanding coverage of the sales tax is fair to all and will energize the state's economy.
Chamber leader Phil Berger and other GOP senators held a news conference Tuesday to discuss the framework of the tax plan they say will cut taxes by more than $1 billion. Income tax rates would fall over the next three years and the combined local and state sales tax most consumers pay would drop to 6.5 percent.
But the overhaul would make North Carolina's sales tax base one of the broadest in the country by eliminating exemptions and expanding to cover more services.
Any plan also must win support from House Republicans and GOP Gov. Pat McCrory.