The warped ideological prism through which the leaders of the North Carolina Senate view reality continues to give rise to new and maddeningly counterproductive policy proposals. The latest came yesterday afternoon when, fresh off of wrecking the state revenue picture for years and handicapping core services like education, the courts and environmental protection with the regressive 2013 tax package, senators proposed another round of corporate tax cuts.
As Alexandra Sirota of the Budget and Tax Center explained it rather politely last night, this is the absolute last thing North Carolina needs right now:
“The corporate tax cuts in the Senate’s proposal would further reduce revenue for investments in our public schools and universities and other building blocks that help drive the success of businesses. Businesses need an educated workforce and modern infrastructure to be successful. Cuts to the tax rates for profitable corporations or changes to the way corporate income is considered for purposes of taxation also won’t address falling wages for the average North Carolinian. Furthermore, the Senate proposal changes to taxes paid by profitable multi-state corporations would not guarantee reinvest in our state and be at the expense of small, home-grown North Carolina businesses.”
In other (and less gracious words), the Senate’s unrequited love affair with trickledown economics continues and will, if unchecked, continue to spur North Carolina’s ongoing and destructive spiral back down into the realm of its backward neighbors like Tennessee, South Carolina, Alabama and Mississippi.