As state lawmakers deliberate the idea of capping state income taxes at 5.5 percent, AARPNC wants to take a closer look to determine if this is a sweet deal that could turn sour.
Any family on a fixed budget understands the tradeoffs when balancing a checking account each month. An unexpected home repair may mean cutting the cable or dining in instead of out. It may also mean renting a Red Box instead of a trip to the Cineplex. So when it comes to responsible state budgeting, lawmakers also need some flexibility.
The North Carolina House and Senate have major differences in their budget bills when it comes to meeting the needs of family caregivers and those with high medical costs. Earlier this month, the House approved budget reinstated the NC medical expense tax deduction that helps protect people from the impact of high medical expenses. They also restored one million dollars in funding that was taken away from the Home and Community Care Block Grant program that supports programs that help people age in their own homes.
When the state Senate revealed its budget proposal Monday night, it did NOT include fully-restored, uncapped medical deductions, or increased funding for the Home and Community Care Block Grant that helps people live independently in their own homes. Instead, the Senate proposed a $20,000 combined cap for all itemized deductions and no change to the Block Grant funding.
Governor McCrory released his $21.5 billion budget that holds most existing programs steady with inflation. Looking toward the future of this state, health, retirement and financial security for families and seniors are critical.
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