More Jobs, BIGGER Paychecks: A Pro-Growth Tax Reform for North Carolina
North Carolina competes with every other state for tomorrow’s growth industries. Although North Carolina was once a growth leader, this is no longer the case. Policymakers in Raleigh can reverse this trend. Among the many state policies that are important in fostering strong economic growth, a pro-growth state tax policy is crucial. But, North Carolina’s tax system fails the pro-growth criteria. North Carolina’s tax system suffers from:
• An exceptionally high personal income tax rate;
• An uncompetitive corporate income tax compared to other states in its region; and,
• An overall tax burden that has gone from generally below the national average to generally above the national average—the 17th highest in the nation, and the highest tax burden compared to all of its neighboring states.