NC Democrats propose 7% tax on income over $1M to fund North Carolina schools

By: Ahmed Jallow

Outlets: North Carolina Newsline

Published: May 11, 2026

Words: 564

Last Updated: 2 months, 2 weeks ago

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North Carolinians earning more than $1 million annually would pay a 7% marginal income tax under a proposal by Democratic lawmakers, who say the measure could generate nearly $1 billion each year for public schools.

HB 1073 would apply only to income exceeding $1 million. The revenue would go to public schools for teacher pay, school repairs, construction and other K-12 needs.

During a Monday morning press conference announcing the bill, Rep. Allen Buansi …

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