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Saturday, August 2, 2014

North Carolina Families are Suffering due to the Canceling of Tax-Free Weekend!

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The time has come.... Back to School shopping can't be ignored any longer

North Carolina Parents throughout the state, most likely are use to having the first weekend of August brightly labeled on their calendars due to the very much loved Tax Free Weekend - which is when a majority of back to school supplies is normally purchased...

But not this year.

For the first time in 12 years, parents are having to do all of their back-to-school shopping without the help of the tax-free holiday, thanks to the tax reform package which was passed last year by the General Assembly. With parents being use to the opportunity of saving between 6.75 and 7.5 percent on items they purchase for the school year during the tax free holiday, families are really starting to suffer this year.

In the past, families with school-aged children have used this weekend to save on school essentials, and 77% of those families report that the tough economy impacts their spending plans. Families in our state have saved an estimated $14.7 million during previous tax holiday weekends. But it all came crashing down!

Tax Free Weekend was canceled this year as part of a tax reform package passed by the General Assembly last year. As parents - Us Moms and dads are in extreme need for tax-free weekend because school supply budgets have sadly been cut which leaves us as parents being asked to make up the difference..... That may be possible!

Family-friendly tax policies are needed across the board in NC. The tax reform package also included the elimination of the state Earned Income Tax Credit (EITC), which benefited 900,000 workers and nearly 1.2 million NC children, helping lift them out of poverty and allowing their families to meet basic needs such as shelter, food, utilities, transportation, and childcare.

Instead, the tax package gave the wealthiest North Carolina residents and corporations a tax break and shifted the tax burden onto the remaining 80% of families, including canceling this much-needed tax-free weekend for shopping for back to school supplies.

An estimated $680 million in revenue has been lost because of the tax plan that was passed, and NC will lose $5.3 billion over the next five years in the funds that pay for education, healthcare, and more. [6] North Carolina spends less today on K-12 education than it did just 5 years ago, even though there are more students and even more needs that are going unmet.

And parents aren’t the only ones upset about the loss of the tax-free holiday. Businesses are also concerned. Previously, this weekend has been good for businesses as well, driving business into local malls, outlets, and other retailers. It has increased employment and payroll taxes as more employees are hired to help meet the popularity of this weekend.

South Carolina, Tennessee, and Virginia are having their tax-free holidays this weekend. Families in those states will have the option to save money on items they need, while families in North Carolina had their tax-free holiday taken away last legislative session to support tax cuts for the rich.

Everyone knows that many families have to stretch every dollar and struggle on a limited budget. Our lawmakers needs to be reminded of this, too.

Together we are a powerful voice for North Carolina families!

- Melea, Beth, Tracy, Ruth, and the whole NC MomsRising team -

Using the link below, Send your lawmaker a letter letting them know just how much of the loss of the tax-free weekend hurts your family. They need to know the impact these changes have on our NC families and that they must repeal them next session. 

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