They’ve done it again. Those pesky researchers over at Ernst & Young just released the latest version of their annual state and local business tax burden study. The study finds that North Carolina has the LOWEST business tax burden in the U.S. According to the report total state and local taxes paid by businesses in North Carolina consume fully 3.6% of the Gross State Product. That is the LOWEST percentage of any state in the country.
Hmm..maybe it’s time to close a few of those costly corporate tax loopholes that our state’s leaders have known about for years. It appears that we have at least a wee bit of room to maneuver when it comes to asking businesses to pay their fair share of taxes. After all, businesses benefit considerably when the state has decent roads, a healthy and educated workforce and a clean environment. And that’s pretty much what government spends most of its money on. Don’t tell the NC Chamber of Commerce but the tax-cutting portion of its legislative agenda looks even more irrelevant now than it did before. On second thought, go ahead and tell them.