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Building upon North Carolina’s competitive advantages
Posted By Cedric Johnson On July 11, 2013 @ 1:27 pm In NC Budget and Tax Center | Comments Disabled
Despite the claims that North Carolina needs to cut taxes and shift the tax load on to middle-class and low-income taxpayers to remain competitive, such an approach will actually undermine the competitiveness that our state has achieved. If we look across a range of metrics on outcomes for North Carolinians, businesses and the economy, North Carolina is indeed competitive.
Tax rates are not the sole factor that drives the state’s economy nor does it make or break the reputation of North Carolina as a desired place to raise a family and operate a business. Below are four examples, among many, that highlight areas in which North Carolina has made positive progress.
These highlighted examples are just a sample of what it should truly mean to be competitive: having an educated workforce, encouraging entrepreneurship and innovation and improving the economic security of everyday North Carolinians. Through targeting investments in education, research and development, and business supports, North Carolina has achieved these outcomes and outpaced our neighboring southern states. Our position as a leader among southern states is commendable but we shouldn’t stop here. There is more to be done to ensure that all North Carolinians enjoy the benefits of the state’s economy. To be competitive, we should aim to build upon our strengths and invest to improve our outcomes.
Just as successful businesses identify, develop and leverage their respective competitive advantages, North Carolina should follow this approach. Rejecting the current tax plans – which would undermine the state’s ability to support further improvements in education, research and entrepreneurship – in favor of a comprehensive approach to fiscal policy is needed now more than ever.
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