Myth: Everyone in North Carolina will have more money in their pocket under the new tax plan unveiled by House and Senate leaders this week.
Reality: Many people will see fewer dollars in their pockets. With the elimination of the state Earned Income Tax Credit nearly 1 million North Carolinians will likely have less money, including 64,000 military families.
Parents who send their children to child care will no longer be able to claim the child and dependent care credit and that could increase their income tax. If they own a small business, the $50,000 business income deduction is eliminated.
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