West Lake Norman News

West Lake Norman News

Tuesday, March 31, 2020

Middle income earners in North Carolina pay 2% more tax than the top 1%

Local Government

By Terry Davis | Mar 20, 2020

Taxes

An analysis from 24/7 Wall St. found that those who are more wealthy in North Carolina pays the least amount in taxes. 

The 19th most tax-friendly state for the richest, North Carolina’s tax rate for richest is 6.4% while the 20% middle income earners are subjected to a tax rate of 9.4%. This data was collected from the reports of the Institute on Taxation and Economic Policy in Washington. The report further stated that the top 1% earners of North Carolina earned at least $1.1 million every year.

This study did not cover the federal taxes paid by the top 1% class of North Carolina, however, it revealed details about the difference in tax rates imposed on the top 1% and the mid 20% income earners.

This practice is somewhat common in all the country, with a tax rate of 7.4% levied on the top 1% while a tax rate of 9.9% for the middle 20%. 

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