North Carolina Wows with Its Impressive Tax-Cut Successes
Excerpt: State governments are constantly competing for people and businesses, and North Carolina has proved that cutting taxes is a great way to come out on top. Since 2013, Governor Pat McCrory and the state legislature have cut taxes by an astounding $4.7 billion — and the result has been economic growth, job growth, and even additional tax revenue that could spur yet more tax cuts in the years ahead. North Carolina’s tax cuts to date have included reducing personal income taxes for every single working family in the state, lowering the corporate tax to the lowest rate in the country for states that still levy one, and eliminating the death tax entirely. To help patch budget holes, the state also eliminated exemptions to the sales tax to broaden its base and even the playing field. The results speak for themselves. GDP growth — generally considered to be the most comprehensive measure of economic strength — was No. 1 in the country from 2013 through 2015. The state’s 13.4 percent growth far exceeded the 9.9 percent average for both the Southeast and the nation as a whole.