Jennifer Balkcom Said She Supported A Federal Flat Tax, Which Would Guarantee A Regressive Tax System And Hurt Working Families

Balkcom: “On The Federal Level, I Would Support A Flat Tax.” QUESTION: “What changes, if any, should be made to the tax code?” BALKCOM: “I would like to see the complete elimination of the individual income tax in North Carolina and a full transition to a consumption tax. I also support current legislative action to completely phasing-out North Carolina's corporate tax. On the federal level, I would support a Flat Tax with at least a doubling of the current standard deduction.” [iVoterGuide, Jennifer Balkcom, 2022]

Institute On Taxation And Economic Policy: “Flat Income Taxes Guarantee A Regressive Overall Tax System That Asks More Of Ordinary Families.” “Flat income taxes guarantee a regressive overall tax system that asks more of ordinary families. States and localities raise most of their revenue through a mix of sales, excise, property, and income taxes. Among those levies, the income tax stands out as the only major tax that is structurally progressive.” [Institute on Taxation and Economic Policy, The Pitfalls of Flat Income Taxes, 1/6/25]

Institute On Taxation And Economic Policy: “Flat Taxes Have Some Surface Appeal But Come With Significant Disadvantages.” “While most states have a graduated rate income tax, some state lawmakers have recently become enamored with the idea of moving toward flat rate taxes instead. What’s the difference? And are states well served by the transition? In short: A flat tax is one where each taxpayer pays the same percentage of their income whereas a graduated tax applies higher rates to higher incomes. Flat taxes have some surface appeal but come with significant disadvantages. Critically, a flat tax guarantees that wealthy families’ total state and local tax bill will be a lower share of their income than that paid by families of more modest means.” [Institute on Taxation and Economic Policy, The Pitfalls of Flat Income Taxes, 1/6/25]