NC H879

Adds a new tax bracket for high-income earners with a top rate of 8.5% on income exceeding $1,000,000 for married filing jointly, $800,000 for heads of household, and $600,000 for unmarried individuals.

Modifies existing tax brackets by capping the 7.75% rate at specified income thresholds ($100,000 for married filing jointly, $80,000 for heads of household, $60,000 for unmarried individuals) rather than applying it to all income above those amounts.

Maintains lower tax rates of 6% and 7% for lower and middle-income brackets across all filing statuses.

Applies effective for taxable years beginning on or after January 1, 2011.